The US has hit back at the suggestion that it was pushing down the dollar, saying at the G20 leaders’ meeting in South Korea that it would never deliberately devalue its currency to boost exports.
Tim Geithner, US Treasury secretary, was responding to a column in the Financial Times by Alan Greenspan in which the former chairman of the US Federal Reserve said the country was “pursuing a policy of currency weakening”.
“I have enormous respect for Greenspan, had the privilege of working with him for a long period of years but that’s not an accurate description of either the Fed’s policies or our policies,” Mr Geithner told CNBC television.
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