5.23.2005
U.S. Official Says Hopes for Prompt China Yuan Move (Reuters.com)
Sun May 22, 2005 12:33 PM ET
BELGRADE (Reuters) - A senior U.S. Treasury official said on Sunday China seemed ready for a more flexible yuan currency regime and he hoped it would act quickly.
"I think now they are technically ready, Randy Quarles, acting undersecretary of the U.S. treasury, told a news briefing when asked when he expected China to move to relax controls over its currency.
"I think with that and with the fact they've been saying for some time it is their intention and desire to have a flexible currency regime that it is something they can do now and I hope they will do promptly," he added.
Quarles was speaking at the annual meeting of the European Bank for Reconstruction and Development in the Serbian capital.
China has been under pressure from its main trading partners, including the United States, to modify its policy of pegging the yuan which holds it at about 8.28 per dollar and to revalue the currency.
(More ... Politics News Article | Reuters.com) ¶ 22:02
BELGRADE (Reuters) - A senior U.S. Treasury official said on Sunday China seemed ready for a more flexible yuan currency regime and he hoped it would act quickly.
"I think now they are technically ready, Randy Quarles, acting undersecretary of the U.S. treasury, told a news briefing when asked when he expected China to move to relax controls over its currency.
"I think with that and with the fact they've been saying for some time it is their intention and desire to have a flexible currency regime that it is something they can do now and I hope they will do promptly," he added.
Quarles was speaking at the annual meeting of the European Bank for Reconstruction and Development in the Serbian capital.
China has been under pressure from its main trading partners, including the United States, to modify its policy of pegging the yuan which holds it at about 8.28 per dollar and to revalue the currency.
(More ... Politics News Article | Reuters.com) ¶ 22:02
