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| US Treasury Secretary Geithner visits China for talks | |
| (about 2 hours later) | |
| US Treasury Secretary Timothy Geithner is visiting China at a time of tension between the two countries over the value of China's currency, the yuan. | |
| Mr Geithner is due to discuss bilateral economic issues with the Vice-Premier, Wang Qishan, in the port of Qingdao. | |
| US officials have said China is keeping the value of the yuan artificially low to make its exports more competitive. Beijing has rejected the allegation. | US officials have said China is keeping the value of the yuan artificially low to make its exports more competitive. Beijing has rejected the allegation. |
| On Saturday, G20 finance ministers said they would refrain from such tactics. | On Saturday, G20 finance ministers said they would refrain from such tactics. |
| At a meeting in the South Korean city of Gyeongju, they also agreed to changes at the International Monetary Fund (IMF), giving major developing countries more of a say. | At a meeting in the South Korean city of Gyeongju, they also agreed to changes at the International Monetary Fund (IMF), giving major developing countries more of a say. |
| 'Gradual appreciation' | 'Gradual appreciation' |
| Mr Geithner's visit comes after a last-minute invitation from Mr Wang. | Mr Geithner's visit comes after a last-minute invitation from Mr Wang. |
| On Saturday, the treasury secretary said the G20 meeting had agreed that a "gradual appreciation" in the currencies of major trade-surplus nations was required. | On Saturday, the treasury secretary said the G20 meeting had agreed that a "gradual appreciation" in the currencies of major trade-surplus nations was required. |
| "Countries with significantly undervalued exchange rates committed to move towards more market-determined exchange-rate systems that reflect economic fundamentals, as China is now doing," he said. | "Countries with significantly undervalued exchange rates committed to move towards more market-determined exchange-rate systems that reflect economic fundamentals, as China is now doing," he said. |
| Mr Geithner added that if the global recovery from the economic crisis was going to be successful, there needed to be "more balance in the pattern of global growth". | Mr Geithner added that if the global recovery from the economic crisis was going to be successful, there needed to be "more balance in the pattern of global growth". |
| "This requires a shift in growth strategies by countries that have traditionally run large trade and current account surpluses, away from export dependence and toward stronger domestic demand led growth." | "This requires a shift in growth strategies by countries that have traditionally run large trade and current account surpluses, away from export dependence and toward stronger domestic demand led growth." |
| "This entails a range of policy changes, as you can see in the very broad range of domestic reforms being undertaken by China." | "This entails a range of policy changes, as you can see in the very broad range of domestic reforms being undertaken by China." |
| Earlier this year, China promised greater "flexibility" in its currency approach, but since then the yuan has only risen slightly in value. | Earlier this year, China promised greater "flexibility" in its currency approach, but since then the yuan has only risen slightly in value. |