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Saturday, March 13, 2010

The U.S. is moving towards a currency war with China

The United States should not make a political issue out of the yuan, a Chinese central banker said on Friday, as the two countries lurched towards a potentially serious clash about Beijing's currency regime.

People's Bank of China Vice Governor Su Ning was responding to a question about remarks on Thursday by U.S. President Barack Obama, who called on China to move to a "more market-oriented exchange rate."

Speaking on the sidelines of China's annual session of parliament, Su said the United States should look to itself to boost its exports and not cast blame on other countries.

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