美國新財長指責中國“操縱”匯率

Geithner vows tough action on China currency

Tim Geithner, President Barack Obama's choice for Treasury secretary, yesterday accused China of “manipulating” its currency and pledged “aggressive” diplomatic action to drive Beijing into action.

The comment – a politically loaded term likely to raise tensions with Beijing – marked the Obama administration's first public intervention in what will be one of its most critical international economic relationships.

The US has long felt that China has artificially depressed the value of its currency to boost exports – to the detriment of US business – but the Bush administration always stopped short of formally declaring China a currency manipulator.

In a written response to questions from senators, Mr Geithner, whose nomination was supported yesterday by a clear majority of the Senate's finance committee, said: “President Obama – backed by the conclusions of a broad range of economists – believes that China is manipulating its currency.” Mr Obama would “use aggressively all the diplomatic avenues open to him to seek change in China's currency practices”, he said.

The price of long-term US Treasury bonds fell after Mr Geithner's remarks, with some traders concerned that Beijing might ease up its purchase of US assets. China is the largest foreign holder of US Treasuries after Japan, and more than half of the $5,500bn Treasury market is held by foreign investors.

Mr Geithner stopped short of pledging that the US Treasury would formally name China as an exchange rate manipulator in its annual currency report, due in the spring. “The question is how and when to broach the subject in order to do more good than harm,” he said.