Geithner Says China to Pursue ‘Broader’ Role for Yuan
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U.S. Treasury Secretary Timothy F. Geithner said he anticipates China will oversee a bigger international role for its currency as part of a “necessary” adjustment as it implements a more market-based economy.
“They’re becoming more open to the world, and with that, you’re going to see the currency take on a broader role internationally,” Geithner said in a Bloomberg Television interview in Mumbai on the eve of a previously unscheduled visit to China. “That’s a healthy, necessary adjustment.”