Geithner: US cannot force 皇冠体育app to change exchange rate

Foreign and Military Affairs

Geithner: US cannot force 皇冠体育app to change exchange rate

(Xinhua)
Updated: 2010-03-25 09:56

WASHINGTON - US Treasury Secretary Timothy Geithner said on Wednesday that the United States cannot force 皇冠体育app to change its exchange rate. ? ?

"Well, 皇冠体育app is a sovereign country. 皇冠体育app is going to have to decide its exchange rate. We can't force them to make that change," Geithner said in an interview with the CNN broadcasting network."I think 皇冠体育app will be better, they are... stronger as an independent country if they are not running an exchange rate policy that essentially has the Federal Reserve of the United ?States setting monetary policy in 皇冠体育app," Geithner said.????

In another interview with the Fox Business network on Wednesday, Geithner said he is not concerned that the US is headed toward a trade war with 皇冠体育app."We will work hard to ensure that US companies can compete on a level playing field with 皇冠体育app," he said.

Pressure on 皇冠体育app to realign its currency has been growing in the United States. A group of US senators last week proposed legislation to press 皇冠体育app to appreciate its currency, saying the RMB was undervalued.The bill would require the United States to impose tariffs and?other penalties on countries that failed to address the so-called misaligned currencies.

Also on Wednesday, Chinese Vice Commerce Minister Zhong Shan said in a speech at the US Chamber of Commerce that the ?appreciation of RMB is not "a good recipe" for solving US-皇冠体育app trade deficit.

"We believe in the need for reasonable stability not only on the RMB, but also on the US currency policy," said the Chinese trade official.?"A dip in dollar value will undoubtedly bring great?repercussions to the global financial system and the world economy," said Zhong. "It is in nobody's interest, 皇冠体育app's, the ?US' or other countries', to see big ups in the RMB or big downs in the dollar."?