Snow Says China Is `Intent&#39; on Changing Currency Peg
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US Treasury Secretary John Snow said China is ``intent&#39;&#39; on changing its exchange rate system and its doing so would benefit the Chinese and global economies.
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US Treasury Secretary John Snow repeated his pledge that the government&#39;s policy remained one of a strong dollar even as markets drove the currency to a record low against the euro in the belief the US was comfortable with a
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Chinese President Hu Jintao told President Bush that China remains committed to a plan to allow its currency to float freely against the dollar, a senior U.S. administration official said.
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A communique issued in Chile by finance ministers of the Asia-Pacific Economic Forum conveys an impression that currency flexibility in China is a rather long work-in-progress, if it&#39;s even that.
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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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U.S. Treasury Secretary Henry  Paulson on Wednesday said he was pushing China to speed up its  move toward greater currency flexibility, but he wants to  achieve more than that in the next two years.
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China understands the need for it to  move toward a system of flexible currency exchange rates and  has indicated it is doing so but without specifying a  timetable, a senior U.S. Treasury official said on Friday.
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The US supports a ``strong dollar,&#39;&#39; Treasury Secretary John Snow said, making his first remarks on the currency since George W. Bush was re-elected president on Nov. 2. ``We support
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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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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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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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Far from reversing the dollar's slide, comments from US Treasury Secretary John Snow have been taken by markets as a sign that Washington welcomes a weaker currency, to the alarm of eurozone officials as the euro hit new highs.
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China has signalled a toughening of its currency stance, with Premier Wen Jiabao blaming the US for recent volatility and the central bank reiterating that there will be no adjustments to its exchange rate any time soon.
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WARSAW - US Treasury Secretary John Snow said yesterday measures to spur faster global economic growth, not European concern about the dollarâs plunging value, will be the focus of weekend talks in Berlin of the Group of 20 nations.
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U.S. Treasury Secretary John Snow on Tuesday pledged a renewed drive to get countries like China to adopt flexible currency rates so that U.S. trade deficits do not continue to swell.
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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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U.S. Treasury Secretary John Snow on  Tuesday pledged a renewed drive to get countries such as China  to adopt flexible currency rates in order to rein in the  swelling U.S. trade deficit.