U.S. Treasury's Kimmitt declines dollar comment
BRUSSELS (Reuters) - U.S. Treasury Deputy Secretary Robert Kimmitt said he would not comment on the weakness of the U.S. dollar on Saturday after the currency slid to a record low against the euro on Friday.
Kimmitt told reporters that only his boss, U.S. Treasury Secretary Hank Paulson, makes comments on the dollar on behalf of the U.S. Treasury.
"There is only one person who can speak about the dollar... I will leave it there," he said at a conference in Brussels.
The euro pushed over $1.3680, the highest level since the launch of the common European currency in 1999, after a report showed the U.S. economy grew by just 1.3 percent in the first quarter of the year.
Kimmitt also reiterated U.S. concerns that China's currency is too weak, helping its soaring exports.
"We have made it quite clear to the Chinese that they need to move quicker on their currency, to move to (an) underlying market valuation based on fundamental economic principles," he said during a debate at the conference.
The yuan has risen about 5 percent since it was revalued by 2.1 percent against the dollar in July 2005 and cut loose from a dollar peg to float within managed bands.
U.S. lawmakers are preparing bills that would punish China unless it revalues the yuan.
