Forex Blog: Currency Trading News & Analysis.

July 19th 2005

Bush labels Chinese currency peg a “difficulty”

A recent string of ugly episodes have pitted the two great economies of America and China against each other. Recently, CNOOC, a Chinese oil company, announced its intentions to acquire Unocal, an American oil Company. After several prominent American politicians publicly stated their opposition to the deal, a high-ranking Chinese General suggested continued American interference in Chinese economic and political issues might warrant the use of nuclear weapons. In addressing the increasingly fragile state of Sino-US relations, President Bush highlighted several sources of economic conflict between the two nations. Topping his list was China’s currency peg, which he labeled a ‘difficulty.’ Bush admitted the peg has become a source of tension between the two countries, and he will continue to convince them that it is in their best interest to revalue. The Washington Post reports:

"We have some difficulties on the trade front with China, and one such difficulty is their currency," Bush said at a joint news conference with Australian Prime Minister John Howard. "And we’ve worked with China to convince them that it makes sense for them to change how they value their currency," Bush added.

Read More: Bush says China’s currency peg a difficulty

SocialTwist Tell-a-Friend
Posted by Adam Kritzer | in Chinese Yuan (RMB) | No Comments »

Sponsored Offers

FREE Daily Email Updates

Enter your email address:

Delivered by FeedBurner

Have Questions? Want to Share Your Review?

Be heard. Please share your reviews today!

Neighboring Posts

© 2004 - 2024 Forex Currency charts © their sources. While we aim to analyze and try to forceast the forex markets, none of what we publish should be taken as personalized investment advice. Forex exchange rates depend on many factors like monetary policy, currency inflation, and geo-political risks that may not be forseen. Forex trading & investing involves a significant risk of loss.