China Did Not Agree With US On Yuan Reform Speed

China Did Not Agree With US On Yuan Reform Speed

May/11 – China and the United States agree on the direction of the reform of China’s exchange rate policy, but not in the matter of speed, said Deputy Finance Minister Zhu Guangyao, Tuesday.

“It must be said that China and the United States agree on the direction of the reform of the renminbi exchange rate, but there is also disagreement,” he told reporters after the dialogue strategy and economy of us-China annual in Washington. Also known as the Renminbi yuan.

U.s. Treasury Secretary Timothy Geithner earlier said China had allowed the yuan to appreciation over the past year but Washington hopes Beijing will let it ride faster and more broadly against the currencies of other trading partners.(BA)

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