Geithner Says China Needs to Let Yuan Rise More
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U.S. Treasury Secretary Timothy F. Geithner said China needs to continue to allow its currency to gain, adding that the world’s second-largest economy is “very supportive” of the Group of 20 nations’ framework on reducing global imbalances.
Speaking at an event in New Delhi today, Geithner said it’s “overwhelmingly” in China’s interest to allow its currency to appreciate. At the same time, he acknowledged that China’s leaders are split on how to proceed.