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China should allow the free market to set the value of its yuan currency, and end its peg to the dollar, Treasury Secretary John Snow said during a congressional hearing Thursday. Beijing responded that US pressure on it to revalue the yuan and curb a surge of textile exports was unfair and that the United States should solve its own problems.
U.S. consumer credit rose 3.1%, or $5.5 billion in February, the Federal Reserve reported Thursday. The increase in consumer credit in January, meanwhile, was revised up slightly to $11.7 billion, the Fed said. Credit card debt increased 6.1% in February, while nonrevolving credit, such as auto loans, increased 1.3%. The data do not include home mortgages.
The Bank of England kept interest rates at 4.75 percent for the eighth month running.
Shipping industry faces shortages.
The problem now is that ship-owners will have to wait until 2008 to get any delivered with the South Korean shipyards already full with orders,"
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