Yuan rise to spur domestic China growth: U.S. Treasury
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BEIJING/WASHINGTON  - A more flexible yuan would not hold back China's growth or cause deflation but would help Beijing rebalance its economy towards domestic consumption, a top U.S. Treasury official said on Thursday.
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BEIJING -- The central bank says China's economy should grow by 10.5 percent this year, state media reported yesterday, even stronger than the 10 percent predicted last week by the National Bureau of Statistics.
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The dollar gained strength on Monday ahead of key data releases later in the week, while traders also anticipated legislation that might address charges that the Chinese yuan is deliberately undervalued.
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The central bank says China's economy should grow by 10.5 percent this year, state media reported Sunday, even stronger than the 10 percent predicted last week by the National Bureau of Statistics.
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XIANGHE, China  - The United States and China agreed they need to take steps to boost growth and keep their economies in balance, U.S. Treasury Secretary Henry Paulson said on Thursday.
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The United States would like the dollar to strengthen but says international currency markets should set its value, U.S. Treasury Secretary John W. Snow said yesterday.
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The dollar climbed slightly on Tuesday  after a report showed the United States attracted more than  enough foreign investment in November to cover the record $60.3  billion trade gap notched up that month.
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China should open its financial sector further to foreign competition to help it become more than an exporter of low-cost manufactured goods, U.S. Treasury Secretary Henry Paulson said on Thursday.
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The United States is convinced that  China intends to loosen its currency peg, U.S. Treasury  Secretary John Snow said on Monday as he encouraged the Asian  giant to speed up the process of reform.
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The whopping US trade and investment deficit is the result of a strong US economy and can be remedied by taking steps to boost growth elsewhere, a US Treasury official said.
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French Economy Minister Christine Lagarde said on Tuesday that G7 countries had asked China to accelerate the appreciation of the yuan, and said markets were beginning to hear the U.S. message on the strong dollar.
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Chinaâs currency rose steeply against the dollar this week, feeding speculation that Chinese authorities were allowing their currency to appreciate more rapidly.
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Treasury Secretary Henry Paulson  came away from two days of talks on Thursday convinced that  China sees the need for a stronger yuan and with a promise that  Beijing will open its financial markets a bit wider.
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Chinaâs move to hike interest rate has come as a surprise. The central bank raised the benchmark rate on one-year yuan loans to 5.58 per cent from 5.31 per cent and the rate on one-year deposits to 2.25 per cent from 1.98 per cent.
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U.S. Treasury prices climbed on  Wednesday after reports showing signs of stagnation in the  labor market offered excuses to buy despite a warning from the  Federal Reserve this week that interest rates were too low.
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U.S. Treasury prices rose on Friday  after an unexpected decline in August producer prices suggested  that official interest rate increases might come at a slower  pace than currently expected.
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China is making some progress but  not enough toward adopting a flexible currency regime and the  Bush administration will push "as aggressively as necessary"  for more, a U.S. Treasury spokesman said on Thursday.