November 11, 2011Geithner Warns APEC on Euro Risks
Speaking ahead of this weekend's Asia Pacific Economic Cooperation summit in Honolulu, U.S. Treasury Secretary Timothy Geithner called on the twenty-one nation bloc to strengthen their economies (Telegraph) to offset a potential spillover from the European sovereign debt crisis.
U.S. President Barack Obama will meet with Chinese President Hu Jintao at the summit on Saturday. Obama is under domestic pressure to convince the Chinese leader to quicken the pace of yuan appreciation (WSJ), a task complicated by China's lower-than-expected trade surplus for last month.
An undervalued Chinese yuan remains a contributing factor to the U.S.-China trade imbalance, but experts warn that labeling China a "currency manipulator" will not rein in mounting U.S. deficits.
