Jasinowski: China Will Adjust Currency

ByJohn S. McClenahen If U.S. Treasury Secretary John Snow and the world's other major finance ministers were given a timetable for changes in China's currency during this past weekend's G7, IMF and World Bank meetings in Washington, D.C., they're not talking. But Jerry J. Jasinowski is. The former president of the National Association of Manufacturers (NAM) is just back from a trip to China, and he indicates pressure on China to loosen controls on its currency are about to pay off. The question "no longer" is whether China will untie the yuan from the U.S. dollar, but what the float will be and how fast. For more than a year, the NAM and several other business organizations have been urging that the yuan be allowed to float so that price of Chinese goods reflects the true cost of production.