China Hits US over Wear Dollar
The FT reports:
Beijing turned the tables on the US on Wednesday after years of criticism from Washington of its handling of the Chinese economy, warning of the serious global implications of the weak dollar, recent US interest rate cuts and the subprime crisis.
Beijing highlighted US economic problems at the opening of a twice-yearly meeting between ministers from both countries.
China has received stringent commentary about what many in the US say is its manipulation of its currency and the advantage it gives local exporters.
Chen Deming, the incoming commerce minister, said the falling dollar had pushed up the cost of imported resources and been a destabilising factor. “What I’m worrying about is the weakening dollar and its potential impact on global growth,” he said.
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