China defends yuan policy after Bernanke swipe

Source: AFP

BEIJING — China defended its foreign exchange rate policy on Thursday, one day after US Federal Reserve Chairman Ben Bernanke urged Beijing to let the value of its yuan currency rise.

Foreign ministry spokesman Ma Zhaoxu told a regular news briefing that Beijing's controls on the yuan were in the country's "long-term interest", while pledging it would continue to push forward reform of the currency regime.

Bernanke on Wednesday issued a rare criticism of another country's financial policies, calling this week's interest rate hike by China's central bank -- aimed at fighting high inflation -- a "surprising" way to curb prices.

Bernanke instead urged Beijing to allow a rise in the value of the yuan, known officially as the renminbi.



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Not that Bernanke works for the White House, but surely he understood the message President Obama send when he gave the leader of Communist China an unprecedented red carpet welcome to Washington D.C. last month.

Another example of how President Obama simply refuses to fight for American workers.