Tension between US and China Grows Over Dollar Dispute
Financial World News Update by Equities Magazine
Beverly Hills 11/17/2009 07:01 PM GMT (TransWorldNews)
Growing tension with China over economic policies became highly evident as President Obama's trip to Beijing drew near.
Liu Mingkang, China’s bank regulator expressed the view that a weak dollar has created “unavoidable risks for the global economy while Treasury Secretary Tim Geithner restated America's commitment to a strong dollar policy. Federal Reserve Chairman Ben Bernanke also touched on this point in a rare address of currency during a speech to the New York Economic Club on Monday.
Despite America’s apologetic attitude toward China, the United States offered reproach of China’s economic policies, stressing the importance for the nation to allow their currency to rise against the USD.
If China is concerned for the stability of the global economy US economists have taken the view that they must do their part. Increasing domestic demand in China and allowing the US to augment exports and savings would contribute significantly to a rebalancing of the global economy.
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