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Reserve Chairman, Treasury Secretary warn on China Sanction


Joined: 2005-04-24
Points: 648
*Posted: Submitted by wtanaka (648) on Thu, 2005-06-23 17:52. | Subject: Reserve Chairman, Treasury Secretary warn on China Sanction

WASHINGTON (Reuters) - Imposing punitive trade sanctions against China may slow the drive to persuade Beijing to adopt a more flexible currency and won't protect U.S. jobs,
Federal Reserve Chairman Alan Greenspan and Treasury Secretary John Snow warned on Thursday.

Clearly worried that spiraling U.S. deficits were driving Congress toward trade action, Greenspan and Snow sought to tamp down the angry mood by pointing out the possible consequences for the United States.

Both said China should loosen the peg it maintains for its yuan currency against the dollar, in its own interest and that of the global economy, but said it would be futile to try to force Beijing to do so through trade sanctions.

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Joined: 2005-06-03
Points: 748

Thanks wtanaka

I heard some discussion about this last night by foreigners. Now I know the source of their comments Mr. Green

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