Geithner praises Chinese efforts

May 26, 2010 at 7:30 AM
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BEIJING, May 26 (UPI) -- Treasury Secretary Tim Geithner praised Chinese efforts that have helped U.S. exports but gave no date for sending a report relating to the yuan to Congress.

Geithner, who spoke to reporters Tuesday in Beijing at the end of the two-day China-U.S. Strategic and Economic Dialogues, was asked about the report due since April 15 on whether China is a currency manipulator.

"That time will come," Geithner said.

A currency manipulator designation could lead to sanctions as some U.S. lawmakers have said China deliberately keeps its yuan undervalued to make its exports less expensive and run up huge trade surpluses.

The report was delayed so opportunities developing at upcoming international meetings could help resolve these trade and currency issues that have affected U.S.-Chinese relations.

Geithner said the United States wants to see China's future growth coming more from its domestic demand and stronger consumption, progress to ensure U.S. exporters and U.S. companies operating in China are able to compete on a level playing field, and China continuing on the broad path of reform of its exchange rate system.

Lauding Chinese efforts in the past year, Geithner said "you're seeing very substantial increase in economic opportunities for U.S. firms in China, very rapid growth in American exports to China."

In his closing remarks prior to speaking to reporters, Geithner said Chinese leaders have recognized reform of the exchange rate mechanism is an important part of their broader economic reform and allowing it to reflect market forces gives flexibility to sustain more balanced economic growth with low inflation.

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