Chinese Finance Minister Jin Renqing said his country would follow its own timetable for currency reform regardless of pressure from other countries. Jin said “we have been constantly increasing the flexibility of the yuan ever since July 2005” and outlined Beijing’s position that exchange reform must take into account its impact on the domestic and global economies. US Deputy Treasury Secretary Robert Kimmitt told reporters at the same meeting that he believed China was moving in the right direction but needed to pick up the pace of reform. The US Congress this week passed a bill that would enable Washington to punish China for its weak currency which US lawmakers claim gives its exporters an unfair trade advantage and is responsible for a massive and growing trade surplus with the United States. Copyright © MCN International Pte Ltd. Use of this Site is subject to our terms and conditions of use. read more
[Tags]reform, china, currency, jin, trade, , forex news[/Tags]
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