Bloomberg News

U.S. Treasury’s Currency Report Delayed Before Global Meetings

April 13, 2012

The U.S. delayed a report on the exchange-rate policies of trading partners, including China, until after global meetings scheduled for the next several weeks.

The report, due April 15, was postponed “so that progress may be assessed following several upcoming international meetings,” including the International Monetary Fund and World Bank sessions April 20-21 in Washington, the Treasury said in a statement today.

The Treasury frequently delays the report. The last one, due Oct. 15, was released Dec. 27. The previous one, due April 15, 2011, was released May 27.

The Obama administration says China uses an undervalued currency to give its exporters an unfair advantage in overseas markets. In the December report, the Treasury called for China to adopt “greater exchange-rate flexibility” while declining to brand it a currency manipulator.

“It’s important to us that China continue to allow their exchange rate to rise against the dollar,” Treasury Secretary Timothy F. Geithner told a House Appropriations subcommittee March 28. “They have some ways to go. We’d like them to push further.”

The yuan is up about 14 percent against the dollar in inflation-adjusted terms over about 20 months and 40 percent in the last five years, Geithner said.

To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net.

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net


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