Snip ~ Treasury Secretary Timothy Geithner told CNBC Friday that one thing that would help the world economy would be for China to let its yuan currency rise. October 14, 2011
US Treasury postpones report on Chinese yuan
The US Treasury said Friday it would delay a report expected to assess whether China artificially undervalues its currency until late in the year.
The Treasury said its semi-annual Report to Congress on International Economic and Exchange Rate Policies would only be issued after meetings of the Group of 20 and Asia-Pacific Economic Cooperation (APEC) group finance chiefs and leaders scheduled between this weekend and mid-November.
The report would be put off until "later this year," it said in a statement, "to give us a chance to assess progress following several international meetings."
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Congress looks to the report to see if the government formally accuses China of currency manipulation.
In previous reports -- which have frequently been delayed -- the Treasury said that Beijing was keeping its yuan undervalued, but fell short of calling China a currency manipulator.
The G20 finance chiefs are meeting in Paris this weekend to discuss the weak global economy and the eurozone crisis.
Treasury Secretary Timothy Geithner told CNBC Friday that one thing that would help the world economy would be for China to let its yuan currency rise.
"We're going to need to see countries around the world adjust their strategy in a way that's going to be more supportive of growth around the world," he said.
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