Hooray sanity!

As I keep on pounding the drum for us to ease up on the political rhetoric surrounding China, today it seems that someone agrees with me that this is a sensitive issue. Per Reuters,

The Obama administration plans to delay a decision on whether to label China a currency manipulator, a move long demanded by many U.S. lawmakers but also a potentially big wrench in an important relationship. 

A Senate aide told Reuters the Treasury Department would hold off releasing its semi-annual report on the currency practices of U.S. trading partners. 

It was not immediately clear how long the delay would be. Industry sources had said they expected the report to be unveiled at 1 p.m. EDT Friday.

Thank God. That's a good first step. The next step is killing this bill. This is an incredibly delicate situation with serious implications across a variety of economic issues. Right now we need very careful diplomacy, not reckless political grandstanding. Hopefully today's decision hints at a recognition of that need for diplomacy.




[Reuters]