Geithner sees yuan moving higher

PALO ALTO, California (BestGrowthStock) – China’s currency is significantly undervalued but Beijing will likely continue to move the yuan higher, U.S. Treasury Secretary Timothy Geithner said on Monday.

Asked at a Silicon Valley business leaders luncheon how much higher the yuan should rise against the dollar, Geithner said, “Higher.”

“You can’t know how far it should go. What you know now is that it’s significantly undervalued which I think they acknowledge and it’s better for them and of course very important for us that it move. And I think it’s going to continue to move,” Geithner said.

(Reporting by Jim Christie, writing by David Lawder)

Geithner sees yuan moving higher