United States Sees 'Promising' Rise in China Currency

May 4, 2012
Closing two days of annual talks between the world's two largest economies, U.S. Treasury Secretary Timothy Geithner acknowledged that China 'has acted to move toward a more flexible exchange-rate system in which the market plays a greater role.'

Treasury Secretary Timothy Geithner on Friday called China's moves to allow an appreciation of its currency "significant and promising" and said he hopes for a greater rise.

Closing two days of annual talks between the world's two largest economies, Geithner acknowledged that China "has acted to move toward a more flexible exchange rate system in which the market plays a greater role."

"These steps are significant and promising and, we believe, will lead to further appreciation in the exchange rate over time against the dollar and the other major currencies," Geithner said.

U.S. lawmakers, some seeking retaliation, have accused China of artificially keeping its currency low to flood the global market with cheap manufactured goods.

Geithner has called for China to let its currency appreciate further, while acknowledging that it has gained some 13% against the dollar in the past two years.

Copyright Agence France-Presse, 2012

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!