Morning briefing: U.S., China spar over currency again
A fruit seller stands by his road side shop in Mumbai. India's central bank raised its main interest rates more than expected, springing the fifth hike in six months as it tries to tame inflation in Asia's third-biggest economy.
(Photo Credit: Punit Paranjpe/AFP/Getty Images)
1. China rejected U.S. pressure regarding its currency controls in response to complaints by U.S. Treasury Secretary Timothy Geithner in testimony prepared for two congressional hearings Thursday. The Obama administration appears to be taking a harder stance against China ahead of midterm elections.
The U.S. Wednesday filed two complaints with the World Trade Organization. One is about payment-processing companies and the other about steel duties.
2. The European Union agreed to ratify a free trade agreement with South Korea, its first such deal with an Asian partner.
3. India hiked key interest rates more than expected.
4. The Swiss central bank kept borrowing costs at almost zero in an effort to reign back the surging franc which is hurting its export-led recovery.
5. A state-owned Chinese company sought government permission to make a competing bid to BHP's $38.5 billion offer for Canada's Potash, according to a business magazine.
Ariana Eunjung Cha
September 16, 2010; 8:37 AM ET
Categories: *Morning briefing
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