Bush dismisses talk of Chinese attack on dollar
9 August 2007
US President George W. Bush has warned that any attempt by Beijing to push down the value of the dollar in retaliation for US pressure over China's alleged currency manipulation would be "foolhardy." Speaking to Fox News Wednesday, Bush said he hadn't seen an article that had appeared in Britain's Daily Telegraph newspaper which cited two Chinese officials at leading Communist Party institutions as saying that a mass sell-off of US Treasuries could follow any move by Washington to impose trade sanctions to force a yuan revaluation. The president doubted the report was an official government position while US Treasury Secretary Henry Paulson described a potential Chinese attack on a weakened US dollar as "absurd," AFP reported. China has said it won't be pressured into currency reforms despite calls from the US Congress.
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