Geithner's visit indicates brimming breakthrough (2)

15:17, April 08, 2010      

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Lately, China's officials and economists have hinted that once they make sure the economic recovery from the global recession has taken root, Beijing will restart the process of letting the yuan gain against the greenback.

Observers also say that Secretary Geither's visit has indicated that Beijing and Washington have put aside their rifts, trying to get their strained relationship back on track.

The talks between Wang and Geither will be closed to the media, according to the American embassy in Beijing.

"There are a series of very important high-level meetings over the next three months that will be critical to bringing about policies that will help create a stronger, more sustainable and more balanced global economy," Geither said last week.

In India on Tuesday, Geithner said the decision to revalue the yuan "is China's choice, this is their judgment to make", but he is confident that “ China will decide it is in their interest to resume the move to a more flexible exchange rate that they began some years ago and suspended in the midst of the financial crisis".

Chinese foreign ministry spokeswoman Jiang Yu said Tuesday that Beijing would continue to adapt its exchange rate regime in a "proactive and gradual manner".

The Chinese currency has been pegged at 6.82 to the US dollar since mid-2008, after gaining 21 percent against the greenback since July 2005.

By People's Daily Online

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