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US Treasury Secretary Timothy Geithner presses for more currency value reforms, letting the market determine the value of the renmimbi. He's in Beijing right now, for the US-China talks.
US Treasury Secretary Timothy Geithner said Thursday in meetings in Beijing that China should allow the renmimbi to increase in value against the dollar.
Geithner spoke at the U.S.--China Strategic and Economic Dialogue in Beijing and says letting the market determine the value of the renmimbi will help China reform their economy, and help domestic demand.
Geithner says, (quote) "The United States has a strong interest in the success of these reforms, as does the rest of the world."
According to the New York Times, the governor of the Chinese central bank, Zhou Xiaochuan, responded that the market has "its own power to correct" inequities in the exchange rate.
China's exchange rate policy has been an ongoing cause of concern to the US for years. At the moment, China controls the renmimbi's currency value, even while trading.
On April 16, Beijing let the renminbi trade somewhat more freely, and gave the market more power in the exchange rate. But it was a small shift from a daily range of .5 to 1 percent.