US Treasury Department Secretary Timothy Geithner said that China has not done enough to allow the yuan to reflect true market value since saying last June that it would allow the currency to float.
“China took the very important step in June of signaling that they’re going to let the exchange rate start to reflect market forces,” Geithner said in an interview on Friday. “But they’ve done very, very little, they’ve let it move very, very little in the interim. It’s very important to us, and I think it’s important to China, I think they recognize this, that you need to let it move up over a sustained period of time.”
Source: Reuters
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