Beijing Prodded on Currency Issue
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WASHINGTON -- For the sake of the global economy, China needs to accelerate the pace of currency reform and overhaul its economy to be less dependent on exports, Treasury Secretary Henry Paulson said Wednesday.
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A senior Chinese official has urged the United States to take action to stop the slide of the dollar and restore equilibrium to global currency markets, China Radio International reported Saturday.
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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.
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WASHINGTON (CBS.MW) -- Chinese finance officials repeated Friday their commitment to move toward a flexible, market-based foreign exchange rate but didn&#39;t outline specific plans to do so after consultations with US economic officials Thursday.
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G7 finance ministers say China should allow its currency, the yuan, to rise more quickly to ease inflation pressures.
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China came under renewed pressure Saturday from the Group of Seven to make its yuan more flexible, while Japan emerged from the meeting without a public scolding, despite criticism beforehand that its weakened yen was hurting other economies.
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Global finance chiefs sought a way  on Friday to put pressure on China to let its currency rise in  value to ease global trade imbalances and also aimed to craft a  message to soothe turbulent financial markets.
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China&#39;s central bank sought on Friday to soothe concerns over its first interest rate hike in nearly a decade, saying it will not have a big impact on the economy or the pegged yuan currency.
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Since becoming Treasury secretary last summer, Henry M. Paulson Jr. has pleaded for patience on the issue of China's currency. Using the high-level contacts he made as chairman of the global investment bank Goldman Sachs, he sought ways to get Chinese leaders to move.
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Global finance chiefs sought a way on Friday to put pressure on China to let its currency rise in value to ease global trade imbalances and also aimed to craft a message to soothe turbulent financial markets.
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The head of the Asian Development Bank on Tuesday urged Beijing to adopt a more flexible currency exchange system, saying removing the yuan's peg to the dollar will be good for both China and its neighbors.
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China on Sunday took aim at price manipulators and hoarders of goods, as Beijing ramped up its campaign to rein in inflation which is running at its highest level in more than a decade.
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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 M. Paulson Jr. said efforts to persuade China to let its currency rise in value had achieved âsome resultsâ but that Beijingâs leadership needed to do far more.
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Officials say the country will move away from peg of 8.28 yuan to the dollar amid US pressure. WASHINGTON  - Chinese officials reiterated that the country would move toward a flexible foreign exchange
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The International Monetary Fund added its voice to the growing calls for China to float its currency immediately.
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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.