Politics No currency manipulator labels from US, China on watch
After 4 years as pawn in US-China game, Seattle man is home
BRUSSELS (AP) — Daniel Hsu, a U.S. citizen, fought for four years to escape China. The Seattle resident was barred from leaving despite having committed no crime, a pawn in a geopolitical game between two giant superpowers. Then earlier this month, just four days before a virtual meeting between President Joe Biden and Chinese leader Xi Jinping, Hsu was told to prepare to go home. He had less than 48 hours. “It was a total rush,” he told The Associated Press in a telephone interview from his home in Seattle.As he raced to visit his grandmother, pack his things and travel to Guangzhou, Hsu knew nothing of the horse-trading going on between China and the U.S.
WASHINGTON (AP) — The Biden administration will not designate any country as a currency manipulator, but it did name China, Vietnam and Taiwan among the nations that have failed to live up to global agreements not to use their currencies to gain unfair trade advantages.
In a report to Congress released Friday, the Treasury Department cited China for a number of failures that prevent trading partners from gaining full knowledge of how it is manages its currency.
China Accused of 'Harassment' in South China Sea After Vowing to Back Down
Chinese government vessels continued to follow and photograph Philippine boats resupplying troops on a disputed South China Sea atoll on Tuesday, Manila said.Philippine Defense Secretary Delfin Lorenzana told the Philippine Daily Inquirer on Wednesday that a small contingent of Philippine Marines was successfully resupplied with food and other provisions on November 23.
The Treasury plans to closely monitor the foreign exchange activities of China's state-owned banks to get a clearer picture of China's currency practices, according to the report.
Vietnam and Taiwan have violated a number of criteria that would justify naming them as currency manipulators and both will be placed on a monitoring list, according to the report.
Being named as a currency manipulator under U.S. law does not carry any immediate penalties but it does require Treasury to engage in negotiations with the foreign country in an effort to get it to alter its currency practices. If those negotiations fail, the administration can impose trade sanctions. Those sanctions can be challenged by countries before the World Trade Organization.
China's birthrate in 2020 just hit another record low. But the worst is yet to come .
China's birthrate in 2020 has hit another record low -- and there's no indication things are about to pick up anytime soon. © An Xin/Costfoto/Barcroft Media/Getty Images FUYANG, CHINA - NOVEMBER 29, 2021 - Three parents push strollers in Wenfeng Park in Fuyang City, Anhui Province, Nov 29, 2021. According to the "China Statistical Yearbook 2021" released by the National Bureau of Statistics on November 29, 2020, China's birth rate in 2020 was 8.52 per thousand, falling below 10 per thousand for the first time, showing single digits for the first time and hitting a new low since 1978.