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News Analysis

Obama-China relations off to rocky start

AP, Washington
China recently surpassed Japan as the US government's largest creditor. Any decision by Beijing to move its money would deal a dizzying new blow to an already tottering American economy. Yet relations between China and the new Obama administration are off to a rocky start.
For now, Beijing continues to loan Washington money by buying Treasury^ and other US government securities, helping to finance the ever-growing US budget deficit. But there are signs its leaders may be considering trimming these holdings as that country experiences its own economic slowdown. Strains between the two economic powerhouses seem to be growing with the change in administrations.
The latest irritants are a "buy American" provision attached to White House-backed stimulus legislation moving through Congress and criticism of China’s currency policies by Vice President Joe Biden and Treasury Secretary Timothy Geithner.
Geithner accused Beijing of "manipulating" its currency during his Senate confirmation process
Biden, interviewed Thursday by CNBC, said that the Obama administration would "say to China - which occasionally the last administration was reluctant to do -You're a major player on the world scene economically, and you've got to play by the rules that everybody else plays by.' ’
Their comments followed a move by Chinese censors to silence part of a live broadcast of Obama's inaugural address when he spoke of the US struggle against communism.
And at an economic forum in Switzerland on Wednesday. Chinese Premier Wen Jiabao blamed China's economic woes on US-led Western financial institutions, suggesting “a lack of self-discipline" and "blind pursuit ofprofit."
The pointed w'ords from Geithner and Biden were widely seen as an escalation of old complaints that China artificially depresses the value of its currency to bolster its exports, even though the
White House has sought to play down such comments and has denied increasing friction with China.
China has allowed the value of its currency to rise by 21 percent over the past two years. But American manufacturers complain the Chinese yuan is still significantly undervalued, making Chinese goods cheaper for US consumers and American products more expensive in China.
As to proposals before Congress to bar foreign materials from use in stimulus construction projects. White House spokesman Bill Burton said: "We are reviewing the buy American proposal and we are committed to a plan that will save or create at least 3 million jobs including jobs in manufacturing."
China holds roughly $2 trillion in foreign exchange reserves and surpassed lapan in September as the biggest foreign holder of Treasury's. It also has the largest singlecountry trade deficit with the United States - totalling S246.5 billion in 2008 through November.