US Treasury Secretary Geithner: There Will Be No Trade And Currency Wars Between The US And China.

US Treasury Secretary

A day after the US House of Representatives passed the exchange rate reform to promote the fair trade bill aimed at the renminbi, Geithner refutes the statement that the US and China are about to launch trade and currency wars at a public meeting 30.

He said: "we will not break out of trade wars, nor will we break out in currency wars.

I don't know what this means, but that's what people say.

Geithner expressed the belief that the government can handle the relationship with China and make progress on such issues.

Geithner also stressed that in the time of global economic recovery, it is very important for the United States and China to work together through G20 and the International Monetary Fund.

On the same day, White House spokesman Gibbs was not willing to respond positively when asked whether Obama would sign the bill, but it was not clear why the White House assessed the bill.

According to the procedures, the exchange rate reform to promote the fair trade bill still needs Senate approval before it can be sent to Obama for signature.

Since the US Congress will hold mid-term elections in November 2nd, 1/3 of the senators will face re-election, adding uncertainty to the bill.

Many experts believe that the bill passed by the house of Representatives is an election political show. Even if the Senate passes the bill, Obama will not be able to sign it at all.