Both America and China have blinked in their dispute over the renminbi’s exchange rate. A fortnight before Tim Geithner was due to pronounce on whether China manipulates its currency, the US Treasury secretary postponed the report. The decision followed President Hu Jintao’s announcement that he would attend this week’s US-led nuclear disarmament summit for forthright discussions on imposing new sanctions on Iran and curbing North Korea’s nuclear weapons programme.
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