Saturday, April 03, 2010

Geithner: U.S. to Delay Currency Report

by Bill McBride on 4/03/2010 04:10:00 PM

From Reuters: US Delays Decision on China Yuan Manipulation

U.S. Treasury Secretary Timothy Geithner said on Saturday he was delaying an April 15 report on whether China manipulates its currency but pledged to press for a more flexible Chinese currency policy.
Delaying the report -- something that happened regularly in prior administrations -- will push the decision to well after [Chinese President Hu Jintao]'s visit [to the U.S.].
This sure sounds like currency manipulation: "China's continued maintenance of a currency peg has required increasingly large volumes of currency intervention."
Treasury Secretary Timothy Geithner, April 3, 2010