China commentary says currency criticism unfair

U.S. Treasury Secretary-designate Timothy Geithner said last week that Beijing was manipulating its currency exchange policies to gain an unfair trade advantage.

The Chinese officials responded immediately, saying that criticism is "unfair, unjust and being used an excuse for trade protectionism".

"These comments do not only not accord with reality, they are also a misinterpretation of the main reasons for the financial crisis, and will encourage the rise of trade protectionism in some Western countries," the commentary said, without directly naming the United States.

"We should avoid any excuse that might lead to the revitalization of trade protectionism. Because it will do no good to the fight against the crisis, nor will it help the healthy and stable development of the global economy," said Su Ning, vice governor of the People's Bank of China

Touchy Touchy. This is sure to become a major issue this year. American backlash?

China Rejects Currency Manipulation Charge

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