BUSH ADMIN DOING NOTHING ON CHINESE CURRENCY

From today's FT:

On Monday, John Taylor, the US Treasury's top international official, said the US would try to focus the G7 meeting on the supply-side issues of structural economic reform and faster long-run growth rather than demand-side issues - a category that would include currencies. He said that financial markets, including exchange rates, would most likely be discussed at the meeting, but declined to comment on the US position...Hopes in Europe are turning towards a statement that would urge China and other economies in the region to share the burden of the dollar's weakness.

More on China's currency manipulation--and the Bush administrations aquiesence--here.