Tuesday, July 1, 2008

China to U.S. - Stabilize dollar!

from Bloomberg:
Premier Wen Jiabao urged the U.S. to take steps to stabilize the dollar and help prevent a worsening of the global economy, the official Xinhua News Agency reported yesterday. Wen raised the concerns when meeting U.S. Secretary of State Condoleezza Rice over the weekend, Xinhua said.

"The weakening dollar has pushed up international commodity prices and added to inflationary pressure in China,'' said Yang Shengkun, a currency analyst in Beijing at China Citic Bank Co., a unit of China's biggest state investment company. "China has to strengthen its currency at a steady pace to curb imported inflation.''

source: Yuan Little Changed on Signs China Seeks to Deter Currency Bets
Bloomberg, 7/1/08

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