Geithner to travel to China

April 7, 2010 at 7:56 AM
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MUMBAI, April 7 (UPI) -- U.S. Treasury Secretary Tim Geithner, traveling in India, also will visit China amid signs Beijing plans changes in its currency policy, a spokesman said.

Geithner, who was in Mumbai Wednesday, is to meet Chinese Vice Premier Wang Qishan in Beijing Thursday before returning home, The New York Times reported, quoting a Treasury spokesmen. His plans for the China visit were confirmed Wednesday afternoon, the report said.

Since last week, there have been developments on China's currency policy, which some critics and U.S. lawmakers say is designed to keep the yuan deliberately undervalued, giving Beijing an unfair export trade advantage. The administration of U.S. President Barack Obama, concerned about trade deficits, wants Beijing to allow the yuan to appreciate instead of keeping it pegged to the U.S. dollar at a nearly fixed exchange rate.

Last week, the Treasury Department announced it would delay its April 15 report to Congress on whether to designate China a currency manipulator.

To avoid confrontation on the issue, China indicated there might be changes in the currency policy later this year.

The Times report said Wang is an influential Chinese economic policy maker. It also said Geithner has carefully avoided discussing the Chinese currency issue during his India trip.

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