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: 久久不见久久见免费影院www日本| 国产黄大片在线观看| 亚洲美女视频网| 国产精品jizz在线观看直播| 成人欧美日韩一区二区三区 | 免费一区二区三区四区| 色妞www精品视频观看软件| 大香煮伊在2020久| 久久精品女人天堂AV| 欧美日韩国产剧情| 人人狠狠综合久久亚洲婷婷| 红楼遗梦成人h文完整版| 国产免费一区二区三区不卡| 99久久99久久精品国产| 性无码一区二区三区在线观看| 久久亚洲国产视频| 欧美超清videos1080p| 国产一级淫片a视频免费观看| 7x7x7x免费在线观看| 成人草莓视频在线观看| 亚洲午夜久久久久久久久电影网| 美女把屁股扒开让男人桶视频| 国产精品国产三级国产专播| 一级毛片免费全部播放| 日本免费www| 久久精品女人天堂AV免费观看| 欧洲一级毛片免费| 亚洲成A人片在线观看无码| 紧身短裙女教师波多野| 国产丰满肥熟在线观看| 1000部羞羞禁止免费观看视频| 性xxxxfreexxxxx喷水欧美| 久久99精品久久久大学生| 日本试看60秒做受小视频| 亚洲爆乳少妇无码激情| 理论片高清免费理论片| 国产一在线精品一区在线观看| 黄网站在线播放视频免费观看| 国语第一次处破女| 中文字幕不卡在线播放| 最近免费中文字幕大全高清大全1|