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Geithner Says China Needs to Let Market Drive Up Yuan
September 9, 2010
U.S. Treasury Secretary Timothy F. Geithner said China must let the yuan rise more quickly to show trading partners that it’s following through on its promises.
“Frankly they haven’t let the currency move very much so far,” Geithner said yesterday in an interview on Bloomberg Television in Washington. “They know they’re just at the beginning of that process and I think we’d like to see them move more quickly.”
Premier Wen Jiabao’s government has limited the yuan’s gain to less than 1 percent versus the dollar since a June pledge for greater flexibility. With November elections approaching, U.S. legislators have planned hearings on the topic and may push a bill to let U.S. companies seek tariffs in compensation for an undervalued yuan that makes Chinese goods cheaper overseas.
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