G-7 Presses China on Yuan Flexibility
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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 ...Comment
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New York Federal Reserve President Timothy Geithner on Wednesday argued for greater exchange rate flexibility in emerging Asian economies as part of a path to economic stability.
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Finance ministers and central bank  chiefs from the world's 20 biggest economies voiced concern on  Saturday over sudden currency swings, venturing for the first  time into the territory of the more influential Group of Seven.
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More flexibility in China&#39;s yuan  currency exchange rate will not restrain the country&#39;s economic  growth and cause deflation, but instead will help China  rebalance its economy towards domestic consumption, a top U.S.  Treasury official said.
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BEIJING : China&#39;s central bank said it would take a &quot;gradual and safe&quot; approach to loosening the yuan-dollar peg, following International Monetary Fund (IMF) calls to let the currency float in a wider margin.
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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 pledged to ``push ahead firmly and steadily&#39;&#39; toward a more flexible exchange rate without providing a timetable for the shift from a currency peg that is criticized by the Group of Seven industrial nations.
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The IMF says China must not slacken efforts to ease too-rapid growth and urges it to reform exchange rates.
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SANTIAGO : Chinese President Hu Jintao, meeting US leader George W. Bush during an Asia-Pacific summit, said he plans to loosen the yuan&#39;s decade-old peg to the dollar, but only under the right conditions.
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Chinese officials reiterated their  country would move toward a flexible foreign exchange rate, but  offered no new specifics on the timing in a joint statement  issued on Friday after talks with high-level U.S. officials.
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China pledged to move toward a flexible exchange rate, the US Treasury Department said, hours ahead of a key meeting of the world's top finance chiefs who are expected to press Beijing to ease its currency policies.
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SINGAPORE: Chinaâs reluctance to unshackle the yuan when the dollar is plumbing record lows against the euro risks sparking political tensions that could complicate the already fraught task of ironing out global economic imbalances.
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BERLIN  - Finance officials from the Group of 20 industrial and developing countries called Sunday for more flexible exchange rate practices in Asia, a step European officials believe might slow the euro's rapid rise.
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Chinaâs central bank said it would gradually promote reforms of the yuanâs exchange rate regime and improve its foreign exchange management this year.
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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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A statement from the Group of Seven rich nations on foreign exchange due later on Saturday will have very similar wording to the communique adopted last year in Boca Raton, Florida, a G7 source told Reuters.
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China came under pressure on Saturday   to let its currency rise faster to ease imbalances in trade and   capital flows that pose one of the biggest risks to global   growth.