Geithner: China Must Allow 'Significant' Yuan Appreciation (CYB)

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Treasury Secretary Timothy F. Geithner said Thursday that China needs to allow a "significant, sustained" appreciation in the Yuan. "The pace of appreciation has been too slow and the extent of appreciation too limited," Geithner said in testimony at a Senate Banking Committee hearing. "We are examining the important question of what mix of tools, those available to the United States and multilateral approaches, might help encourage the Chinese authorities to move more quickly." According to a Bloomberg report, "The Treasury chief pledged to take action as Republican and Democratic lawmakers questioned why the U.S. has been reluctant to take a stand on China's currency tactics. His testimony today marks a shift in the Treasury's efforts to seek a stronger yuan and to oppose other policies that give trade advantages to Chinese companies." The U.S. is not the only country to express concern over China's fixed currency. Geithner commented that the International Monetary Fund could do more to encourage Chinese cooperation. "The IMF itself has not covered itself in glory on this," Geithner said. "Even though many other countries share our concerns with China, frankly they are reluctant to pursue them as aggressively as we have." The WisdomTree Dreyfus Chinese Yuan Fund
CYB
, which provides exposure to movements in the Chinese Yuan relative to the United States dollar, is up 0.32% this afternoon, to $25.11. See Some of the Top Moving Indexes
Here.
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Posted In: NewsCurrency ETFsForexGlobalIntraday UpdateETFsBloombergChinaTim Geithner
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