Home>News Center>China
       
 

Snow: China can move faster on currency
(Reuters)
Updated: 2005-11-05 08:51

US Treasury Secretary John Snow on Friday said China was in a position where it could move more swiftly toward greater currency flexibility.

"I think that China remains committed to greater flexibility in their currency and opening of their financial markets," Snow said in an interview with CNBC. "It's an irreversible course and we think they're now in a position to move even faster."

"We're urging them to move faster" toward greater currency flexibility, Snow added. "I think they know it's in their own interest to continue on this path and even accelerate it."

U.S. manufacturers and many lawmakers have long complained an undervalued yuan currency was giving China an unfair trade advantage in global markets.

In July, China dropped a long-standing policy of pegging the yuan to the dollar, revalued it by 2.1 percent, and adopted a managed float with reference to a basket of currencies. Since that move, however, the yuan has appreciated only a further 0.3 percent, disappointing U.S. lawmakers.

In an interview with Bloomberg Television, Snow said there was a good deal of momentum on legislation in Congress that would slap hefty tariffs on Chinese exports to the United States, but that was not the right approach.

"There is strong feeling running in the Congress that China needs to move on the trade issues, on intellectual property rights, on counterfeiting, and on the currency, and that legislation certainly has some momentum to it," he said.

But he added: "I don't think it's particularly good legislation, I think it points the wrong way."

Snow and Federal Reserve Chairman Alan Greenspan on Wednesday met with the two lawmakers who have sponsored the legislation -- Democratic Sen. Charles Schumer of New York and Republican Sen. Lindsey Graham of South Carolina.

Schumer and Graham unexpectedly won a procedural vote on the bill early this year by a tally of 67-33, but they agreed to pull it from consideration after a late-June meeting with Snow and Greenspan convinced them China was about to act.

It is not clear if the latest meeting would similarly lead them to hold off pressing for a vote. "We'll see," Schumer told Reuters on Thursday. "We'll see if there's progress."

President George W. Bush is scheduled to travel to China in the middle of the month.

In the CNBC interview, Snow reiterated the U.S. policy line on currencies, saying foreign-exchange rates are best set in open, competitive financial markets.

Asked about a report released earlier on Friday that showed U.S. employers added only 56,000 workers to their payrolls last month, Snow told CNBC it was "pretty good" in light of high energy prices and the damage wrought by recent hurricanes.

"I think this is pretty good performance under the circumstances and I think ... it shows the American economy is capable of taking a blow and bouncing back and that the fundamentals are strong."



Fire kills 5 in Northeast China
Aerobatics show in Hunan
Final rehearsal
  Today's Top News     Top China News
 

Australia, US, Japan praise China for Asia engagement

 

   
 

Banker: China doing its best on flexible yuan

 

   
 

Hopes high for oil pipeline deal

 

   
 

Possibilities of bird flu outbreaks reduced

 

   
 

Milosevic buried after emotional farewell

 

   
 

China considers trade contracts in India

 

   
  EU likely to impose tax on imports of Chinese shoes
   
  Bankers confident about future growth
   
  Curtain to be raised on Year of Russia
   
  Coal output set to reach record high of 2.5b tons
   
  WTO: China should reconsider currency plan
   
  China: Military buildup 'transparent'
   
 
  Go to Another Section  
 
 
  Story Tools  
   
Manufacturers, Exporters, Wholesalers - Global trade starts here.
Advertisement
         
主站蜘蛛池模板: 亚洲欧美国产国产综合一区| 国产一级做a爰片...| gay白袜男强制捆绑视频网站| 日本3p视频在线看高清| 亚洲av无码片在线播放| 欧美日韩高清性色生活片| 免费五级在线观看日本片| 一区二区精品在线| 欧美大香线蕉线伊人久久| 免费夜色污私人影院在线观看| 色综合天天综合网站中国| 国产成人亚洲综合无码| jyzzjyzz国产免费观看| 日韩精品极品视频在线观看免费| 亚洲欧美在线精品一区二区| 男人和女人做爽爽视频| 国产女主播喷水视频在线观看 | 国产精品自产拍2021在线观看| 久久99国产亚洲精品观看| 明星换脸高清一区二区| 亚洲人成在线观看| 欧美无人区码卡二卡3卡4免费| 啊…别了在线观看免费下载| 天堂资源在线中文| 国产麻豆精品原创| 中国大陆国产高清aⅴ毛片| 欧美一级日韩一级亚洲一级| 亚洲欧美日韩色| 波多野结衣日本电影| 嘟嘟嘟www在线观看免费高清| 韩国免费高清一级毛片性色| 国产成人亚洲综合无码精品| 久久综合九色综合97伊人麻豆| 国产精品久久福利网站| 香蕉免费一级视频在线观看| 国产精品极品美女自在线观看| 91麻豆精品国产自产在线| 国内自拍视频一区二区三区| 999精品视频在线观看热6| 成人亚洲网站www在线观看| 中文字幕色综合久久|