China Agrees to Work on Exchange Rate
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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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China's central bank has pledged to  strengthen efforts to effectively manage the amount of cash in  the financial system, according to the summary of a meeting  held earlier this week that was published on Wednesday.
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China's central bank has pledged to strengthen efforts to effectively manage the amount of cash in the financial system, according to the summary of a meeting held earlier this week that was published on Wednesday.
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China is willing to promote flexibility of its currency, but it will keep the yuan "basically stable at a reasonable, balanced level," Vice Premier Wu Yi said on Thursday.
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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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In a first, Chinese visitors will be able to use their bank debit cards in Singapore, thanks to an agreement signed Tuesday between Singapore electronic payment company NETS and China's China Union Pay.
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China and Russia yesterday completed talks concerning the latter&#39;s proposed accession to the World Trade Organization (WTO). They also mutually recognized the market economy status of each.
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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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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 is creating an investment company to make better use of its $1 trillion foreign currency reserves.
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China dramatically stepped up the appreciation of its currency, allowing it to push through an important level against the dollar for the first time.
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China vowed to move &quot;firmly and steadily&quot; toward a flexible exchange rate during a meeting of Chinese and US officials in Washington Thursday, the US Treasury Department said in a statement.
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China and the United States agreed  broad steps on Friday to tackle global economic imbalances as  two days of talks to ease trade and currency strains ended with  good intentions but modest substance.
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The G7 free-market powers agreed  to single out China again in repeat appeals on Saturday for  flexible exchange rates, but Japan's tumbling yen escaped a  similar fate despite mounting concern in Europe.
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China is committed to revamping its  foreign exchange regime and further relaxing its capital  account controls, central bank governor Zhou Xiaochuan said on  Saturday.
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China's yuan is not substantially undervalued given the country's balance of payments, but it will manage capital flows with the aim of eventually making the currency convertible, China's central bank governor said.
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China and Cuba sign a multi-million dollar nickel deal as the communist nations seek closer ties.