China relieved as US delays report on currency manipulation
07 Apr 2010
Beijing: Beijing economists have welcomed a United States government decision to delay its report on exchange-rate manipulations, indicating a patch up in bilateral relations ahead of a meeting between leaders of the two nations next week.
The US treasury department postponed release of a semi-annual report that identifies nations it judges are involved in currency manipulation.
Pressure from domestic constituents, including a sizable numbers of legislators, has been mounting on the Obama administration asking it to label China as a currency manipulator.
Earlier Tuesday, a Chinese foreign ministry spokesperson reiterated that the exchange rate wasn't the cause of US-China trade imbalances and so it would be unreasonable to label China a currency manipulator.
The spokesperson refused to go as far as to say that Beijing welcomed the delay imposed by the US Treasury.
The spokespersons comments were China's first official statement since the US said Saturday it would postpone a semi-annual report to the US Congress, due on 15 April, on the currency policies of major trading partners.
