China pledges currency reforms, no timeframe

INT5.jpg

China on Monday agreed to undertake currency reforms as it commenced a high level dialogue with the US but insisted that it will decide on the timeframe as it pushed for an end to American curbs on transfer of hi-tech exports.
Hinting at the removal of the key irritant in their bilateral ties, President Hu Jintao gave the assurance at the start of the two-day Sino-US high-level talks on financial market reforms, trade and reviving global growth.
“China will continue to steadily advance the reform of the formation of exchange rate mechanism under the principle of independent decision-making, controllability and gradual progress,” Mr Hu said at the inauguration of the dialogue where secretary of state Hillary Clinton and treasury secretary Timothy Geithner were present at Beijing’s Great Hall of People.
Mr Hu’s assurance comes as Washington has accused Beijing of keeping the Yuan frozen against the dollar since 2008 saying that this was aimed at boosting Chinese exports and distorted trade.
But the assurance by the Chinese President failed to evoke excitement in US and European markets as analysts believe that action by Beijing will be slow and timed with western economies getting out of debt crisis.
In another high level session between Mr Geithner and vice-premier Wang Qishan, the Chinese pressed for export controls on “dual use technology”, which can have military applications.
The Chinese vice-premier asked Washington to come out with a timetable to overhaul its export controls on high technology specially green technology. He said Beijing was pleased to hear about the US initiatives to ease restrictions on such exports.

Post new comment

<form action="/comment/reply/14809" accept-charset="UTF-8" method="post" id="comment-form"> <div><div class="form-item" id="edit-name-wrapper"> <label for="edit-name">Your name: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="60" name="name" id="edit-name" size="30" value="Reader" class="form-text required" /> </div> <div class="form-item" id="edit-mail-wrapper"> <label for="edit-mail">E-Mail Address: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="64" name="mail" id="edit-mail" size="30" value="" class="form-text required" /> <div class="description">The content of this field is kept private and will not be shown publicly.</div> </div> <div class="form-item" id="edit-comment-wrapper"> <label for="edit-comment">Comment: <span class="form-required" title="This field is required.">*</span></label> <textarea cols="60" rows="15" name="comment" id="edit-comment" class="form-textarea resizable required"></textarea> </div> <fieldset class=" collapsible collapsed"><legend>Input format</legend><div class="form-item" id="edit-format-1-wrapper"> <label class="option" for="edit-format-1"><input type="radio" id="edit-format-1" name="format" value="1" class="form-radio" /> Filtered HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Allowed HTML tags: &lt;a&gt; &lt;em&gt; &lt;strong&gt; &lt;cite&gt; &lt;code&gt; &lt;ul&gt; &lt;ol&gt; &lt;li&gt; &lt;dl&gt; &lt;dt&gt; &lt;dd&gt;</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> <div class="form-item" id="edit-format-2-wrapper"> <label class="option" for="edit-format-2"><input type="radio" id="edit-format-2" name="format" value="2" checked="checked" class="form-radio" /> Full HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> </fieldset> <input type="hidden" name="form_build_id" id="form-a7a5026202f5b9a1f144d7d319fb81e6" value="form-a7a5026202f5b9a1f144d7d319fb81e6" /> <input type="hidden" name="form_id" id="edit-comment-form" value="comment_form" /> <fieldset class="captcha"><legend>CAPTCHA</legend><div class="description">This question is for testing whether you are a human visitor and to prevent automated spam submissions.</div><input type="hidden" name="captcha_sid" id="edit-captcha-sid" value="82340117" /> <input type="hidden" name="captcha_response" id="edit-captcha-response" value="NLPCaptcha" /> <div class="form-item"> <div id="nlpcaptcha_ajax_api_container"><script type="text/javascript"> var NLPOptions = {key:'c4823cf77a2526b0fba265e2af75c1b5'};</script><script type="text/javascript" src="http://call.nlpcaptcha.in/js/captcha.js" ></script></div> </div> </fieldset> <span class="btn-left"><span class="btn-right"><input type="submit" name="op" id="edit-submit" value="Save" class="form-submit" /></span></span> </div></form>