But this does not occult subjects o di ergence

orget the Seoul G20 Summit and lay the groundwork or a trade and monetary Yalta. Chinese President Hu Jintao arri ed yesterday in Washington or a our-day isit which point organ today will be his joint with Barack Obama in the White House Press Con erence. Care ully prepared by the democratic administration, this state isit, described by some experts o "most important or thirty years", aims to smooth out sino-américains the ront monetary and commercial disputes in laying the oundations or a new cooperation between the two powers which the olume o annual trade exceeds $ 400 billion. With the worsening o the US trade de icit o Beijing (270 billion dollars in 2010), Washington claimed a signi icant appreciation o the yuan and the li ting o protectionist barriers. But optical di erences are palpable.

"America and China arri ed at a critical junction point, at a time where the choices that we will do, great or small, will determine the trajectory o this relationship", said Secretary o State, Hillary Clinton. While calling his greeting o concrete results, it is is not depri ed to criticize the continued detention o the Nobel Prize in peace Liu Xiaobo.

irst creditor

With a le el o 2.850 billion oreign reser es, or our times the reser es o the international monetary und (IM ), which someone in ested in U.S. Treasury bills, China holds it only 7.5 o us public debt (13.560 billion at September 30, 2010), compared to 6.4 or the Japan and 11.6 or other oreign countries. A good reason or Washington to host its irst creditor with great pomp. But this does not occult subjects o di ergence. Without call Beijing "currency manipulator", the Treasury and the U.S. Congress, each in their registry, militate or se eral months or a signi icant re aluation o the yuan. So ar, China has allowed its currency appreciate 3.6 in 2010 (6 and in lation). But, in iew o the di erentials o in lation between the countries, the Secretary o the Treasury, Timothy Geithner, still considers this insu icient le el.

"There is no better way to preser e the American dream and the creation o jobs than to denounce the manipulation o its currency by China", launched Monday the Democratic Senator Charles Schumer, which still supports the adoption o an anti-dumping with a group o Senators Act. At the insistent request o re aluation o the yuan and the threats o retaliation rom Congress, Chinese President wanted to cool expectations, as the international monetary system "product o the past" and reiterating criticism o the US ederal Reser e ( ed) monetary policy. While it still justi ies his decision in No ember to $ 600 billion o repurchase o Treasury securities by the need to a oid a de lationary spiral, Beijing sees mainly a orm o competiti e de aluation o the dollar. The monetary policy o the United States has a major impact on the o erall liquidity and capital lows, and there ore the dollar liquidity should be maintained to "a reasonable and stable le el", insisted Hu Jintao in his inter iew to the "Wall Street Journal". As a signal o relaxation, the yuan has reached, on 14 January, its highest le el against the dollar o er the past se enteen years.

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