RWB News: If you haven't heard yet, Obama and his people love to blame everyone else for their failed radical policies.
From the Telegraph.UK
China has again warned the US not to use the dispute over the value of the Chinese currency, the yuan, as a "scapegoat" for its high unemployment and flagging growth prospects.
The remarks from China's ministry of commerce came hours before the US was due to release a report on whether it considers China a "currency manipulator" as fears grow that tensions over the currency could lead to a protectionist trade war.
However Yao Jian, a Chinese Ministry of Commerce spokesman, rejected US complaints as unfair. "It's totally wrong to blame the yuan for the Sino-U.S. trade imbalance," he said, "The Chinese yuan shouldn't be a scapegoat for the U.S.' domestic economic problems."
The artificially weak Chinese currency, which some analysts say is trading up to 25pc below its true market rate, has become a growing political issue in the US where it is blamed for giving Chinese exporters and unfair advantage at the cost of millions of US jobs.
However China has repeatedly said it cannot afford the costs of substantially re-valuing the yuan at a time when global demand for its exports remains weak and the recovery from the global recession remains fragile.
"Job losses would hurt the Chinese economy and domestic consumption. A relatively large yuan appreciation would definitely hurt Chinese exports, so a stable yuan exchange rate is needed for domestic consumption and the stability of the world economy," Mr Yao added.
China has also said that legislation currently being formulated in the US to impose trade tariffs as a result of the yuan's under-valuation would be in breach of World Trade Organisation regulations.
China has allowed the yuan to appreciate by 2.65pc against the dollar since June when the country's central bank pledged to allow the currency to rise gradually. However the appreciation has been insufficient to quiet concerns in the US.
Read More:http://www.telegraph.co.uk/finance/currency/8065529/China-warns-US-against-making-yuan-dispute-a-scapegoat-for-a-flagging-economy.html
swenbwrSent from my iPhone
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