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U.S. Says It Won a Victory in China Currency Battle. Did It?
The U.S. Treasury Secretary and his top aides left Beijing last night thinking they had a won big battle in their effort to get China to strengthen the value of the yuan. China had agreed to reduce intervention in its currency markets to “what are really extraordinary circumstances,” Treasury Secretary Jack Lew told reporters in a briefing at the end of the two-day Strategic and Economic Dialogue before he jetted home. The U.S. side credits what it sees as a turnaround in China’s policy, in particular, to People’s Bank of China governor Zhou Xiaochuan, who is clearly a leader of the reformist faction and who ... (full story)
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