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Currency war continues…

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Currency tensions persist as markets await Fed

(Reuters) – Recriminations over currencies reverberated worldwide on Friday ahead of a speech by Federal Reserve chief Ben Bernanke, whose loose policies are blamed by China and others for destabilizing capital flows.

Beijing kept up the heat on the United States, saying Washington should not make China a scapegoat for its own problems by constantly pressing for a swifter rise in the yuan.

Speaking hours before the U.S. Treasury Department is due to deliver its semi-annual assessment of whether China manipulates its currency, Commerce Ministry spokesman Yao Jian said it was not fair to criticize Beijing’s exchange rate policy simply by pointing to China’s trade surplus.

“Other countries have no right to comment on what is a reasonable level for a country’s trade surplus,” Yao told a monthly news conference.

Sniping over what exchange rates are appropriate to put the world economy back on course is intensifying ahead of a pair meetings of the Group of 20 leading economies in South Korea.

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