-
China advisor says Geithner told him no tools left for QE3
A senior advisor to the Chinese government said he was told by Treasury Secretary Timothy Geithner this week that the Federal Reserve doesn’t have “tools or ammunition” left for another round of quantitative easing. But Li Yang, vice-director of the Chinese Academy of Social Sciences, said he was told by the Treasury Secretary on Wednesday that recent coordinated action by global central banks amounted to some form of QE3. Li did not reveal where he was talking with Geithner during the Treasury Secretary’s two-day trip to China but said he asked what the next round of quantitative easing may look like.