Why Doesn't Treasury Just Come Out and Say It... ?
Have you ever been in a relationship with a passive-aggressive or known one who tends to leave vague and cryptic comments in really public places like Facebook? They don’t need to specifically call anyone out, it’s always pretty clear who they are referring to when they say “some people” or “certain individuals” or, in this case, “China.” The Treasury is being passive-aggressive and China is the bitch girlfriend who keeps putting up with it.
The U.S. Treasury Department ruled on Friday China was not manipulating its currency to gain an unfair trade advantage, but said Beijing still needs to allow the yuan to rise much faster in value.
Although the Obama administration has often used blunt language to warn China over its currency practices, the semiannual report issued by Treasury on Friday maintained its practice of avoiding the harsher step of naming it a currency manipulator.
The department said it concluded China did not meet the U.S. legal definition of a currency manipulator due to the appreciation of its currency — known as the yuan or renminbi — since June 2010 and recent Chinese statements that it would continue to promote exchange rate flexibility.
“Treasury’s view … is that progress thus far is insufficient and that more rapid progress is needed,” the report said. Rapid progress like the Bernanke Crime Family has been setting up for the dollar?
Get the full report here. I couldn’t read it, it brought back too many bad memories of my time spent with an emotionally-damaged asshole who couldn’t express his feelings and instead spent his time sending me confusing signals. Ya with me, people?
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