Treasury reiterates call for flexible Chinese currency
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Since last year, the Bush administration has been publicly urging the Chinese government to move to a more flexible exchange rate regime.
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America has not changed its strong dollar policy and still expects China to make its own currency more flexible, a Treasury official said on Monday, shrugging off comments from Beijing that had jolted markets.
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The Group of Seven (G7) industrialised nations urges China to be more flexible on its currency.
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Washington, Oct. 2: In the face of growing international pressure, Chinese officials told top US officials on Friday that they would continue to push ahead with plans to float or revalue their currency, but
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BEIJING, NOVEMBER 29: Chinaâs central bank slammed speculators in the foreign exchange market on Monday, saying those pouring money into the yuan currency in search of profits could undermine efforts to make it more flexible.
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China on Monday emphasized its determination to keep its currency stable despite ongoing pressure from the United States.
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China had &quot;strong reservations&quot; about floating its yuan currency (CNY=: Quote, Profile, Research) , according to International Monetary Fund documents from July that were released on Friday.
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China says it will move toward a flexible exchange rate for its currency, but there is no word on how long such a transition will take.
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The Bush administration, facing huge and politically sensitive trade deficits, secured China's pledge Friday to work harder to move its currency toward a flexible exchange rate, which would make U.S goods more competitive abroad.
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U.S. lawmakers have resurrected a petition seeking a formal investigation of China's currency policy, in a challenge of the Bush administration's handling of trade relations with Beijing.
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U.S. Treasury Secretary Henry Paulson urged China on Thursday to work toward a freely floating currency, only to be told that America fails to understand how Beijing is making headway on economic reform.
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Treasury Secretary Henry Paulson on Friday tried to wave off U.S. lawmakers' bid to tighten the screws on China over its currency policy by warning that it could make it harder to settle turbulent markets.
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The United States needs greater foreign exchange flexibility from China, U.S. Treasury Secretary Henry Paulson said on Tuesday as the dollar continued its slide against most major currencies.
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China will maintain a stable monetary and yuan policy as it tries to keep inflation in check, state media cited a central banker as saying, amid resurgent speculation Beijing may tinker with the rigidly held currency.
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U.S. Treasury Under Secretary John Taylor said on Saturday that China was taking all the necessary steps toward introducing a flexible currency exchange rate that will benefit itself and the global economy.
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WASHINGTON : The head of the International Monetary Fund urged China to begin moving toward greater currency flexibility, taking advantage of its booming economic growth pace.
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The United States plans to urge China to adopt a more flexible exchange rate when Chinese officials join Group of Seven finance ministers and central bankers here later this week, US Treasury Secretary John Snow said.