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Geithner says China is 'committed' to revaluing yuan | |
(about 3 hours later) | |
US Treasury Secretary Timothy Geithner has said he believes China is now "committed" to allowing the yuan to go up in value. | |
Mr Geithner made the comment in a TV interview before he held talks with China's Vice-Premier, Wang Qishan. | |
The US has long said China keeps the value of the yuan artificially low to make its exports more competitive, something Beijing denies. | |
On Saturday, G20 finance ministers said they would refrain from such tactics. | On Saturday, G20 finance ministers said they would refrain from such tactics. |
Mr Geithner met with Mr Wang in the Chinese port of Qingdao, following the G20 meeting in South Korea. | |
A US official said the two sides "exchanged views on US-China economic relations", but did not reveal any of the details. | |
Mr Geithner had earlier told Bloomberg Television that the Chinese "need the flexibility to run their policies in a way that makes sense for China". | |
He added: "And that requires that their exchange rate move up over time as they're now doing and we want to see that continue. | |
"They've got a ways to go, but I think they're committed to do that." | |
'Gradual appreciation' | 'Gradual appreciation' |
Mr Geithner's visit to China came 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. |
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. |
Many in the US say the yuan remains undervalued by as much as 20%. | |
The G20 finance ministers meeting in the South Korean city of Gyeongju also agreed to changes at the International Monetary Fund (IMF), giving major developing countries more of a say. | |
US President Barack Obama and Chinese President Hu Jintao are expected to meet at G20 leaders' summit in the South Korean capital Seoul, which takes place on November 11-12. | |
President Obama is scheduled to attend, but President Hu's attendance has yet to be officially confirmed. |