China spends $1 billion a day to maintain the value of its currency against the US Dollar. By buying its own currency, it artificially maintains the currency at around 6.7 RMB to the USD, allowing its exporters an advantage in important foreign markets. Now, the Obama administration, led by Treasury Secretary Tim Geithner (above), is stepping up attacks on China and its trade practices, including currency manipulation, theft of intellectual property, and continued market restrictions for U.S. products and services.
U.S. Steps Up Criticism of China’s Practices - NYTimes.com
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