The man US President Barack Obama has tapped to be Treasury secretary told senators the Obama administration believes China is manipulating its currency, the New York Times reported. Timothy Geithner made the comments in writing to the Senate Finance Committee before it voted to recommend that the Senate confirm him. "President Obama backed by the conclusions of a broad range of economists believes that China is manipulating its currency," he wrote. He stopped short of charging China with intentional currency manipulation to gain a trade advantage. It was unclear whether Geithner was signaling a desire in the Obama administration to make a legal finding that China is engaging in currency manipulation. A 20-year-old law requires the administration to report on the issue to Congress this spring.
Categories