Geithner presses China on currency reform
Law & Politics
Treasury Secretary Timothy Geithner stepped up pressure on China to make more progress in moving toward flexible exchange rates.
Geithner said Wednesday that it is particularly important to see appreciation in countries where the currency is significantly undervalued. Geithner never mentioned China, but the speech was clearly aimed at the world's second-largest economy.
U.S. manufacturers contend that the Chinese yuan is undervalued by as much as 40 percent, giving Chinese companies a significant competitive advantage. Geithner's comments came in advance of upcoming global finance meetings.
Geithner said the problem was that when large economies kept their currency undervalued, it encouraged other nations to do the same.
"The collective impact of this behavior risks either causing inflation and asset bubbles in emerging economies or else depressing consumption growth," Geithner said.
Geithner's remarks came in a speech at the Brookings Institution where he previewed the U.S. goals for upcoming meetings of the 187-nation International Monetary Fund and its sister lending institution, the World Bank.
In addition to those talks, which begin Friday, finance officials of the Group of 20 major economies are scheduled to meet on the sidelines. The G-20 nations includes the world's richest nations plus major emerging countries such as China and Brazil.
U.S. officials said they will push the G-20 nations to honor commitments made a year ago in Pittsburgh to work to rebalance the global economy. Doing so would promote more sustainable growth and avoid a repeat of the severe recession.
Related listings
-
Survey: Latinos still strongly support Democrats
Law & Politics 10/05/2010In a year when Democrats are struggling to energize supporters, Hispanic voters appear significantly less motivated than the rest of the U.S. to cast election ballots even though two-thirds of Latino registered voters say they'll vote Democratic in t...
-
Obama to stump for Sestak in Philadelphia
Law & Politics 09/20/2010President Barack Obama heads to Pennsylvania on Monday to raise money for Democratic Senate candidate Joe Sestak, who is locked in a tight race for a seat considered a must-win for the president's party.Democrats know that Sestak's chances of winning...
-
Utah court rejects appeal from polygamous sect
Law & Politics 08/30/2010Utah's Supreme Court has rejected a petition from members of a southern Utah-based polygamous sect seeking a reversal of changes made to its communal land trust.In a ruling issued Friday, justices say members of the Fundamentalist Church of Jesus Chr...

New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.