Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 335

China Vows to Reform Yuan

Posted by fidest press agency su martedì, 25 Maggio 2010

West Palm Beach,FL ( Chinese President Hu Jintao opened the U.S.- China Strategic and Economic Dialogue by saying that he would strive to reform the yuan. The majority of President Hu’s speech was the usual script on the yuan, but a mention of controlling the exchange rate is new territory coming out of Beijing.  The U.S. responded positively, continuing its recent efforts to keep the dispute over the currency from poisoning the broader relationship between the two countries. “We welcome the fact that China’s leaders have recognized that reform of the exchange rate is an important part of their broader reform agenda,” U.S. Treasury Secretary Timothy Geithner said after Mr. Hu’s speech, as he opened the economic component of the dialogue. But, of course, Chinese officials downplayed their President’s comments, saying that no one discussed the exchange rate in any of the opening sessions. China has essentially tacked the yuan to the dollar because of global financial conditions. Chinese officials have said they will reconsider their currency policy when economic conditions permit. Analysts believe that won’t be until the third quarter of this year.


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