U.S.'s Geithner says China yuan reforms promising

BEIJING (Reuters) - U.S. Treasury Secretary Timothy Geithner told Chinese President Hu Jintao on Friday that China's moves toward a more market-oriented exchange rate system were "very promising". "We consider the broad direction of the economic reforms that you have laid out - to move to a more market oriented exchange rate system, to expand consumption and domestic demand, to open up the Chinese economy further to foreign competition, to create a more modern financial sector - we think these are very promising reforms," Geithner said in the Great Hall of the People. ...

U.S. Treasury Secretary Timothy Geithner told Chinese President Hu Jintao on Friday that China's moves toward a more market-oriented exchange rate system were "very promising". "We consider ...

BEIJING (Reuters) - U.S.

BEIJING (Reuters) - U.S.

Treasury Secretary Timothy Geithner on Wednesday described China's decision to allow the yuan to float more freely as part of reforms that are "very significant" and "very promising."Speaking in a glowing tone that is rarely heard in Washington when discussing China, Geithner lauded a recent decision by China's central bank to allow the yuan to fluctuate up to 1.0 percent on either side of its trading band.The yuan was previously allowed to move just 0.5 percent on either side, which helped keep it closely tied to the movements of the US greenback.