China & U.S. Play Chicken: Currency Manipulation

China is manipulating its currency, proclaims incoming Treasury Secretary Geithner. Talking about manipulation is helpful only if ones intent is to impress a local and insult a foreign audience. More productive may be plain talk - the US and China could issue a joint statement along the lines of: China and the US agree that both will act in their respective self-interest in setting exchange rate policy.
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