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Get ready for GEICO China


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From the Washington Post

 

The US and China have reached a deal on currency, report Howard Schneider and Mary Beth Sheridan: "The United States and China on Tuesday pledged to deepen their cooperation on economic and military matters, setting aside a year of tension over issues such as arms sales to Taiwan and the value of China’s currency with what officials referred to as a 'milestone' agreement... Treasury Secretary Timothy F. Geithner and Chinese Vice Premier Wang Qishan released what they described as a blueprint for managing the sometimes contentious economic relations between the two countries...The agreement included action on some long-standing issues -- including initial moves by [glow=red,2,300]China toward opening its financial sector by allowing U.S. and other foreign firms to sell auto insurance[/glow], sell mutual funds and other investments, and underwrite corporate bonds."

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