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Geithner says yuan to have broader int'l role

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1 Geithner says yuan to have broader int'l role on Wed Apr 07, 2010 8:56 am


April 7, 2010, 3.23 pm (Singapore time)

Geithner says yuan to have broader int'l role

MUMBAI - US Treasury Secretary Timothy Geithner said on Wednesday that China's yuan currency would take a broader international role, which he described as a 'healthy, necessary adjustment', and said the United States was 'very, very close' to sweeping financial reform.

'China's undergoing a necessary, natural process of basic development and growth. They're trying to strengthen the way markets work in their country,' Mr Geithner said in an interview with Bloomberg TV in Mumbai.

'They're trying to develop their financial system, they're becoming more open to the world, and with that you're going to see their currency take on a broader role internationally.

'That's a healthy, necessary adjustment,' he said.

His comments came amid a volley of rhetoric over the yuan's value between Beijing and Washington over recent days since Mr Geithner decided to delay a report on whether China manipulates the yuan's value for a trade advantage.

China's foreign ministry on Tuesday said it never has manipulated the yuan and that a rise wouldn't reduce the US trade deficit with China. -- REUTERS

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