BUSINESS
02/22/2009 05:12 am ET | Updated May 25, 2011

Geithner Accuses China Of "Manipulating" Its Currency

President Barack Obama's nominee for Treasury secretary accused China on Thursday of "manipulating" its currency, a sharp rhetorical break from the Bush administration's approach to Beijing's controversial exchange-rate policy.

Timothy Geithner's use of the term signaled an escalation in the war of words -- if not necessarily of actions -- over Beijing's practice of keeping the yuan artificially weak against the dollar. Many U.S. manufacturers, unions and lawmakers charge that Beijing tinkers with its currency to give Chinese companies an edge over foreign competitors.

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