Chinese Currency To Be Discussed by G7

    February 4, 2005

The U.S. continues to urge China to revalue its currency as soon as possible while a Group of Seven finance ministers meeting is set for Friday and Saturday.

“Our discussions with China have been good and candid,” says John Taylor, the U.S. Treasury Department’s undersecretary for international affairs. “We know they are taking steps toward a more flexible exchange rate.”

According to a Forbes article,

“Taylor, who is standing in for U.S. Treasury Secretary John Snow, is due to meet with Chinese economic policy-makers later Friday. He said the United States would like to see China adopt a flexible exchange rate “as quickly as possible.”

People’s Bank of China Governor Zhou Xiaochuan, however, hinted in an address to business and government leaders at a conference ahead of G-7 meeting that China will be asking for more time.”

The G7 group includes Canada, the United States, Japan, Germany, France, Britain and Italy.

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