Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Exiled family returns to Somaliland

Read more

DEBATE

Whose boots on the ground? Turkey wary of Syrian Kurds (part 2)

Read more

DEBATE

Whose boots on the ground? Turkey wary of Syrian Kurds

Read more

TALKING EUROPE

Dacian Ciolos, EU Commissioner for Agriculture and Rural Development

Read more

TALKING EUROPE

EU-US free trade agreement: A bad deal for European consumers?

Read more

THE INTERVIEW

Hassan Sheikh Mohamud, Somali president

Read more

ENCORE!

Tony Allen: Putting the 'beat' in Afrobeat

Read more

REPORTERS

Uruguay: President Mujica’s social revolution

Read more

FOCUS

Video: Turkey ‘turns blind eye’ to border-crossing jihadists

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)