Hu Says China Will Move Gradually on Yuan Policy

President Hu Jintao said that China will move gradually and independently in making changes to the nation’s exchange-rate mechanism as talks with the U.S. opened in Beijing today.

China will continue to “steadily advance” reform “under the principles of independent decision-making, controllability and gradual progress,” said Hu, 67, echoing language in a May 10 central bank outlook for policy making.

U.S. Treasury Secretary Timothy F. Geithner said today that a more market-driven currency would help Chinese officials to sustain growth, keep inflation low and adjust the nation’s growth model. So far, China has resisted calls from trading partners to let the yuan strengthen after maintaining a peg of about 6.83 to the U.S. dollar for 22 months as a crisis policy.

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- Posted: 2010-05-24 07:44:45

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