China Still Resisting Yuan Appreciation, Geithner Tells BBC
U.S. Treasury Secretary Timothy F. Geithner said China continues to resist a higher yuan, even as it has begun to let its currency appreciate against the dollar.
“They’re still heavily leaning against the forces trying to push their currency up,” Geithner said in a BBC television interview. “But they’re beginning to move. They’re moving against the dollar.”
In the interview, taped shortly before he departed Paris for Washington, Geithner said this weekend’s Group of 20 meetings there led to a “better outcome” than the U.S. expected. Finance ministers and central bankers agreed to press ahead with efforts to develop a global monitoring system and they defined a set of economic measures for further study.
China and Brazil, two emerging-market nations, joined Germany and France and the U.S. in backing the agreement, Geithner said. He said China is “feeling” international pressure to allow the yuan to rise.
“It’s very important to all the countries that trade, compete with China,” Geithner said. “That’s probably why I think you’re seeing such a consensus around the room because I think all those countries, and they’re competing with China everywhere, understand how important it is that China moves, and China’s sort of feeling that more.”
To contact the reporter on this story: Rebecca Christie in Paris at rchristie4@bloomberg.net
To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net
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