25-Oct-2010 10:52 AM

US confident China will 'continue to move' on the yuan

China's Vice Premier Wang Qishan and US Treasury Secretary Timothy Geithner held talks on 24-Oct-2010 as a precursor to the G20 Summit in Nov-2010 (Xinhua, 20-Oct-2010). China stated it hopes the G20 will promote global economic growth in a robust, sustainable and balanced manner (Xinhua, 21-Oct-2010). Separately, a group of G20 finance ministers and central bankers vowed to refrain from “competitive devaluation” to lift exports (Bloomberg, 24-Oct-2010). Meanwhile, Mr Geithner stated he is optimistic China will “continue to move” on the yuan adding that the Chinese Government understands it is in the interest of domestic growth and global economic stability.