US’ Geithner: mkt should have more say on yuan rate

WASHINGTON, April 29 (BestGrowthStock) – It is important for China
to allow the market to play a bigger role in setting the value
of its currency, U.S. Treasury Secretary Timothy Geithner said
on Thursday.

The Obama administration has been pressing China for months
to allow the yuan to resume appreciation, with some economists
estimating the currency is as much as 40 percent undervalued,
giving Chinese firms a huge competitive advantage.

“As China moves to increase growth from domestic
consumption sources, shifts to a strategy less dependent on
exports to the United States, which is very important to us, we
think it’s important that they renew the process of reforming
their exchange rate,” Geithner said.

Stock Market Analysis
(Reporting by David Lawder, Washington newsroom +1 202 898
8310)

US’ Geithner: mkt should have more say on yuan rate