Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Online movement demands peace in Gaza

Read more

BUSINESS DAILY

Apple aims to satisfy China's hunger for smartphones

Read more

DEBATE

MH17: Punishing Putin? (part two)

Read more

DEBATE

MH17: Punishing Putin?

Read more

MEDIAWATCH

Competing narratives in Malaysia Airlines disaster coverage

Read more

AFRICA NEWS

Kenya : Police arrest 8 over Mombasa rampage

Read more

FOCUS

Overfishing and the global appetite for bluefin tuna: can Tokyo turn the tide?

Read more

MEDIAWATCH

Too many graphic images from Gaza ?

Read more

FASHION

Who's next in Paris, an event with international ready-to-wear and fashion accessories collections

Read more

  • Netherlands to honour MH17 victims in national day of mourning

    Read more

  • Defying UK, France to proceed with warships sale to Russia

    Read more

  • Israel hits Gaza targets despite diplomatic push for ceasefire

    Read more

  • US courts issue conflicting reports on Obamacare

    Read more

  • Video: Lebanon fears fallout from regional turmoil

    Read more

  • Widodo wins Indonesian presidential election

    Read more

  • Flight MH17 shot down ‘by mistake', US intelligence indicates

    Read more

  • US, European airlines suspend flights to Tel Aviv

    Read more

  • Australian veteran Rogers claims 16th stage of Tour de France

    Read more

  • France gives go-ahead to pro-Palestinian Paris rally

    Read more

  • French Jews mourn French-Israeli soldier killed in Gaza

    Read more

  • PSG punished by UEFA for abuse of disabled Chelsea fans

    Read more

  • Colombia's Rodriguez signs '€80m' contract with Real Madrid

    Read more

  • Children killed in minibus crash in eastern France

    Read more

  • A call for harmony in riot-hit ‘Little Jerusalem’ Paris suburb

    Read more

Asia-pacific

US treasury secretary lands in China amid tension over yuan

Text by News Wires

Latest update : 2010-10-24

US Treasury Secretary Timothy Geithner (pictured) arrived in China Sunday to discuss bilateral economic issues, including the value of China’s currency, the yuan, a topic that has recently strained relations between the two countries.

AFP - US Treasury Secretary Timothy Geithner was in China Sunday for talks with Vice Premier Wang Qishan that were expected to touch on the sensitive issue of the value of the yuan.

Geithner was met by Wang at the airport in China's eastern coastal city of Qingdao with both officials immediately heading off for a working lunch, treasury spokesman Steven Adamske told AFP.

The two were discussing bilateral economic issues and "a lot of different things," Adamske said.

This would likely include China's currency, the yuan, which Washington believes is being kept grossly undervalued in order to help Chinese exporters.

China counters that irresponsibly loose US monetary policy is driving down the dollar and causing a wave of capital to flood emerging markets in search of higher yields.

Sunday's meeting comes after Geithner attended the just concluded Group of 20 finance ministers meeting in Gyeongju, South Korea.

In a statement released late Saturday, the US Treasury chief said the G20 meeting agreed that a "gradual appreciation" in the currencies of major trade-surplus nations was required.

"Countries with significantly undervalued exchange rates committed to move towards more market-determined exchange-rate systems that reflect economic fundamentals, as China is now doing," Geithner said in a statement.

But further efforts to stabilise international economic imbalances were necessary if the recovery from the global financial crisis was going to be successful, he added.

"This requires a shift in growth strategies by countries that have traditionally run large trade and current account surpluses, away from export dependence and toward stronger domestic demand led growth," Geithner said.

"This entails a range of policy changes, as you can see in the very broad range of domestic reforms being undertaken by China."

Date created : 2010-10-24

  • CHINA

    Beijing confims slowdown in trade surplus

    Read more

  • China

    China warns that US currency legislation could hurt trade ties

    Read more

  • CURRENCIES

    US House passes currency bill aimed at China's yuan

    Read more

COMMENT(S)