Chinese central bank claims currency brings stability

Chinese central bank claims currency brings stability
Monday, March 12, 2012 - 7:33am

The head of China's Central Bank said monday that his country's controversial stance on currency manipulation brings stability to the global economy. The comments come as President Obama is set to sign a bill passed by congress on China's currency fixing.

Congress accuses China of keeping its currency at an unfairly low level in order to make their goods cheaper in the U.S. The bill puts a special tax on Chinese goods subsidized by the government.

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