US urges China to allow yuan rise, speed reforms
CHINA: US Treasury Secretary Timothy Geithner Thursday urged
China to allow its currency to strengthen further and push forward
economic reforms, which he said were crucial to the global recovery.
But his comments at the start of two-day talks between the world's
two biggest economies were overshadowed by a human rights row that has
threatened already strained relations.
US officials have long accused Beijing of keeping the value of the
yuan artificially low to boost exports, leading to a massive Chinese
trade surplus with the United States.
Geithner said China's currency had appreciated by around 13 percent
against the US dollar over the past two years, but urged more gains.
"We consider particularly important the emphasis on reforms to...
continue the appreciation of the renminbi (yuan) against the dollar and
the other major currencies," Geithner said.
"A stronger, more market-determined (yuan) will help reinforce
China's reform objectives," he added. AFP