Geithner heads to Beijing for talks (4)

08:33, April 08, 2010      

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"The delay does not mean the pressure has disappeared," he said. Instead, he said it will continue to pressure China to revalue the yuan in the upcoming China-US Strategic and Economic Dialogue in May and the G20 meeting in June.

The delay is part of US strategy to win China's support in the Iran nuclear issue, Zhou said.

Premier Wen Jiabao has also publicly rejected foreign pressure over the yuan and said in March the currency was not undervalued.

Similarly, Foreign Ministry spokeswoman Jiang Yu said on Tuesday Beijing has never manipulated the yuan's exchange rate for profit.

The National Development and Reform Commission (NDRC), the country's top economic planner, has said China will monitor exchange rate risks facing exporters.

"We should keep the yuan basically stable at a balanced and reasonable level, while strengthening analysis and monitoring and making announcements about risks in a timely manner to reduce exporters' risks and losses," the NDRC said in a policy overview.

On his India trip, Geithner met with Prime Minister Manmohan Singh and his counterpart, Finance Minister Pranab Mukherjee.

Mukherjee and Geithner presided over the first meeting of the US-India Economic and Financial Partnership to promote trade and investment. The initiative is part of Obama's efforts to forge closer ties with India.

Source: China Daily
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