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U.S. Warns China About Currency

WASHINGTON, May 17 - The Bush administration warned China on Tuesday that its currency policies were distorting world trade, and it brandished the threat of retaliation against the country's exports if Chinese leaders did not change course in the next year.

In language far harsher than it has used before, the Treasury Department declared that China's fixed exchange rate between its currency, the yuan, and the dollar posed a risk to its economy and the economies of much of the rest of the world.

The United States trade deficit with China reached $124.9 billion last year, larger than that with any other country or with the entire European Union. China has also become one of America's biggest foreign creditors, holding more than $600 billion in Treasury securities and other dollar-denominated instruments as it seeks to keep its currency from rising in line with the trade surpluses.

The Treasury report criticized China's policy as dangerous to itself, its Asian neighbors and global growth. "China's 10-year-long pegged currency may have contributed to stability in the past," said Treasury Secretary John W. Snow, "but that is no longer the case today as China has grown to be a more significant participant in global trade and financial flows."



China seems to being doing quite well, thank you very much.

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(NT) (NT) you tell them JP I'm sure they care for your opinion

In reply to: Is this a good idea?

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Not sure

In reply to: (NT) you tell them JP I'm sure they care for your opinion

what I get the most laughs from ,coming here or going to the comedy tv chnl lol.

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Looking to slam the US yet again?

In reply to: Is this a good idea?

Tall ya what, you watch out for your sealclubbers and we'll watch out for ourselves and all of yall poor little thangs. You couldn't defend yourself against ICELAND, lol.

Carry on though, you're all working for me for nothing and I'm doubling your salary.

BTW, much of China's economy is controlled from Bentonville, Arkansas....

DE

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you're all working for me

In reply to: Looking to slam the US yet again?

I seen you make this statement in many of your posts.

You you please explain?

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correction

In reply to: you're all working for me

Will you please explain?

you're all working for me
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jp you should do your own home work

In reply to: you're all working for me

its way to complicated to explain to you have ice help you as he dosnt have a life, be his friend ask him to explain.

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Yes it most likely is a good idea

In reply to: Is this a good idea?

to straighten them out. So if they cut us off from their goods, will we hurt in the long run, no.

The current President really wants to reverse the unfair deal we have with China but the Supreme Court upheld the dopey deal that Clinton sold us down the tube with, right before he gained a lot of financial support for his personal campaign.

Try to keep up over there. If you want to play Democrat, admit where they set this friction up in the first place.

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Yes

In reply to: Is this a good idea?

And they would do well to listen (and I think they are). China is making the transition to a modern, connected nation and it would be foolhardy of them to ignore the concerns of the rest of the world and their biggest customers.

They are doing well (better than Russia at this transition) but they face enormous problems.

And what's the matter with the Treasury Secretary expressing the US viewpoint? That's part of his job.

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Response

In reply to: Yes

And what's the matter with the Treasury Secretary expressing the US viewpoint?

From the article

The administration's combative new stance


the Treasury Department said in a report to Congress on Tuesday, "are highly distortionary and pose a risk to China's economy, its trading partners and global economic growth."

I don't think being combative is just "expressing" a viewpoint. Especially when whatever China decides to do it will "pose a risk" to the US economy as stated by the treasury department.

"Don't poke the Panda Bear (China)"

You may make him mad.
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That's just the NY Times editorializing again...

In reply to: Response

Your complaint is silly to say the least. I don't think we have much to worry about from angry Pandas.

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But it's a Giant Panda

In reply to: That's just the NY Times editorializing again...

And the term "warns" may be editorializing.

"silly" is not a word I would use, as someone in the government seems to be concerned, as they are holding meetings on the situation.

I don't think they are being silly.

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(NT) (NT) pandas are close to extinction

In reply to: But it's a Giant Panda

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Who is holding meetings on what?

In reply to: But it's a Giant Panda

Holding meetings on things is a typical government/military activity. What are you alarmed about? Are we going to war over this statement? Get a grip.

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How about if China decided to stop

In reply to: That's just the NY Times editorializing again...

buying the Treasury bonds to cover bush's debt? Would that be something to worry about?

Dan

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(NT) (NT) Why would they?

In reply to: How about if China decided to stop

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They could do that

In reply to: (NT) Why would they?

in retaliation for pressuring them to revalue their currency.

Dan

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(NT) (NT) I think they will be more rational than that.

In reply to: They could do that

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I hope they would.

In reply to: (NT) I think they will be more rational than that.

But you never know.

Dan

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(NT) (NT) and where your link?

In reply to: How about if China decided to stop

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A link to a hypothetical question?

In reply to: (NT) and where your link?

How would one do that?

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he made a statement let him provide link

In reply to: A link to a hypothetical question?

buying the Treasury bonds to cover bush's debt? Would that be something to worry about


or its just double talk per dan

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You're not being clear, Mark.

In reply to: he made a statement let him provide link

Which part do you need a reference for? That China buys our bonds? That bush has ushered us deeply into debt?

Thanks,

Dan

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ok

In reply to: You're not being clear, Mark.

buying the Treasury bonds to cover bush's debt? Would that be something to worry about

you wrote this where link

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A year old, but you see...

In reply to: OK

they need us as much (or more) than we need them.

Also they didn't mention Japan, which holds even more US paper than China.

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The facts have not changed

In reply to: A year old, but you see...

materially in the last year.

I never said there was no co-dependancy. Theirs is a very opaque system. What they will do and why is a very open question.

Dan

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He was clear...

In reply to: You're not being clear, Mark.

back up your unsupported claim.

Do attempt to remember all the facts including who all are voting on the social spending and try to remember that historically government has engaged in deficit spending to boost the economy and that the economy's problems began with the uncontrolled dot com proliferation and bust under Clinton's administration.

Yes, a link to prove that China has been buying bonds for well over TEN YEARS to "cover bush's [sic] debt" would not be amiss (and also impossible to find).

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No Josh it was not hypothetical, it was...

In reply to: A link to a hypothetical question?

an UNSUPPORTED CLAIM.

I too would like to see a link supporting the claim of China "buying the Treasury bonds to cover bush's debt" since they have been investing in the Treasury securities for well over TEN YEARS to stabilize their currency. This artificial stabilization has begun causing instability in other currencies.

So, Mark's request for a link is justified on the basis of providing any speck of credibility to Dan's unsupported claim.

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Yes it was

In reply to: No Josh it was not hypothetical, it was...

Dan asked, ''How about if China decided to stop buying the Treasury bonds to cover bush's debt?''

You can argue over whether that's the reason China is buying them or where the money is going, but the question Dan asked is a hypothetical.

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LOL! But Josh...........

In reply to: Yes it was

Dan did give the link:) That makes your argument moot:)

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