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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam China's currency policy dampening global reforms: US AFP - Friday, June 11 Send IM Story Print WASHINGTON (AFP) - – China's refusal to revalue its currency is impeding global economic reforms, US Treasury Secretary Timothy Geithner said on Thursday amid pressure from Congress to impose sanctions on the Asian giant. "The distortions caused by China's exchange rate spread far beyond China's borders and are an impediment to the global rebalancing we need," Geithner told a congressional hearing on the US-China economic relationship. American lawmakers from both sides of the political aisle are planning to launch legislative action in two weeks to punish China for keeping the yuan undervalued against the US dollar to gain a trade advantage. "A more flexible RMB (yuan) will allow market forces to play a more active role over time in facilitating strong, balanced and sustainable growth globally," Geithner said. He said China's trading partners, especially the developing economies, were scrambling to maintain their competitiveness following China's refusal to allow the yuan to reflect the market rate. "Because of concern about the impact on their competitiveness, many emerging markets have been intervening in foreign exchange markets in order to resist upward pressure on their exchange rate," he said. "Intervention in the rest of emerging Asia outside China has been at record levels over the last nine months." Following pressure from President Barack Obama to revalue the yuan, Chinese President Hu Jintao said last month that Beijing was committed to the exchange rate reform but that his country would adjust its policy at its own pace. On Wednesday, US lawmakers expressed dismay over Obama's failure to push the Chinese leadership to act and said they would launch legislation in two weeks to impose trade and other sanctions on China. Lawmakers from both the Democratic and Republican parties said their impending action enjoyed overwhelming support Congress. In March, lawmakers were united in their call to Obama to brand China a currency manipulator, charging that Beijing kept the yuan undervalued against the US dollar to gain a trade advantage. Geithner said Thursday that a stronger yuan would benefit China, pointing out that it would boost the purchasing power of households and encourage firms to shift to production for domestic demand, rather than for export. "A more market-determined exchange rate also means that China will be able to pursue a more effective, independent monetary policy, which is particularly important now, with China's economy facing a risk of inflation in goods and in asset prices," he said. Recommend Send IM Story Print Related Articles Japanese minister to resign over postal reform AFP - 43 minutes ago Japan fail to get boost after being held by Zimbabwe AFP - 2 hours 15 minutes ago China, Russia seek new Iran nuclear talks AFP - 2 hours 30 minutes ago US fears for Myanmar refugees ahead of polls AFP - Friday, June 11 Kewell fit and "up for" German battle AFP - Friday, June 11 News Search Top Stories Rescue underway for missing US sailor, 16: reports US pressure on BP sends share price tumbling US trade gap widens as Chinese imports surge BP shares slide on oil spill fallout Blackhawks snap NHL's longest Stanley Cup drought More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Abu Dhabi to build 'world's largest' solar plant British students given 'sexy high-heel lessons' Costner touts technology for Gulf spill cleanup Finland slips back into surprise recession BP shares slide on oil spill fallout More Most Viewed » Hubble catches planet being devoured by its star The point about pain: New study sheds light on acupuncture Clashes as Israeli forces storm Gaza aid boat: Hamas TV Egypt unearths tomb of pharaonic army chief Physicists solve mystery of missing neutrinos More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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