The tough talk over the revaluation of China's yuan heated up, with Treasury Secretary John Snow aggressively calling for China to untie its currency from the dollar. "The time is now [to revalue the yuan]," he said. Snow made a point of listing the numerous steps the Bush Administration had taken to help China toward a looser peg; China's currency policy is blamed for much of the U.S.'s trade deficit.
But a bond investor from the People's Bank of China lashed out at what she said is ignorance surrounding the debate. "Repegging the yuan is not going to make the current account deficit go away. Americans don't know what the situation is in China," she said.
