皇冠体育app

  Home>News Center>皇冠体育app
       
 

Snow: 皇冠体育app can move faster on currency
(Reuters)
Updated: 2005-11-05 08:51

US Treasury Secretary John Snow on Friday said 皇冠体育app was in a position where it could move more swiftly toward greater currency flexibility.

"I think that 皇冠体育app remains committed to greater flexibility in their currency and opening of their financial markets," Snow said in an interview with CNBC. "It's an irreversible course and we think they're now in a position to move even faster."

"We're urging them to move faster" toward greater currency flexibility, Snow added. "I think they know it's in their own interest to continue on this path and even accelerate it."

U.S. manufacturers and many lawmakers have long complained an undervalued yuan currency was giving 皇冠体育app an unfair trade advantage in global markets.

In July, 皇冠体育app dropped a long-standing policy of pegging the yuan to the dollar, revalued it by 2.1 percent, and adopted a managed float with reference to a basket of currencies. Since that move, however, the yuan has appreciated only a further 0.3 percent, disappointing U.S. lawmakers.

In an interview with Bloomberg Television, Snow said there was a good deal of momentum on legislation in Congress that would slap hefty tariffs on Chinese exports to the United States, but that was not the right approach.

"There is strong feeling running in the Congress that 皇冠体育app needs to move on the trade issues, on intellectual property rights, on counterfeiting, and on the currency, and that legislation certainly has some momentum to it," he said.

But he added: "I don't think it's particularly good legislation, I think it points the wrong way."

Snow and Federal Reserve Chairman Alan Greenspan on Wednesday met with the two lawmakers who have sponsored the legislation -- Democratic Sen. Charles Schumer of New York and Republican Sen. Lindsey Graham of South Carolina.

Schumer and Graham unexpectedly won a procedural vote on the bill early this year by a tally of 67-33, but they agreed to pull it from consideration after a late-June meeting with Snow and Greenspan convinced them 皇冠体育app was about to act.

It is not clear if the latest meeting would similarly lead them to hold off pressing for a vote. "We'll see," Schumer told Reuters on Thursday. "We'll see if there's progress."

President George W. Bush is scheduled to travel to 皇冠体育app in the middle of the month.

In the CNBC interview, Snow reiterated the U.S. policy line on currencies, saying foreign-exchange rates are best set in open, competitive financial markets.

Asked about a report released earlier on Friday that showed U.S. employers added only 56,000 workers to their payrolls last month, Snow told CNBC it was "pretty good" in light of high energy prices and the damage wrought by recent hurricanes.

"I think this is pretty good performance under the circumstances and I think ... it shows the American economy is capable of taking a blow and bouncing back and that the fundamentals are strong."



Hu meets Russian PM
Public servant recuiting examination
Parachuting from TV tower in Beijing
  Today's Top News     Top 皇冠体育app News
 

Full steam ahead for Sino-Russian partnership

 

   
 

PLA cooks up new menus to beef up soldiers

 

   
 

EU urged to scrap arms embargo

 

   
 

Outbreak kills 9,000 chickens in Liaoning

 

   
 

皇冠体育app, Australia discuss free trade agreement

 

   
 

Summit protests turn violent in Argentina

 

   
  皇冠体育app urges EU to 'trash' arms embargo
   
  皇冠体育app to push for Olympic mascot products
   
  Taipei ready to discuss air charters with Beijing
   
  皇冠体育app, Vietnam report new bird flu cases
   
  New bird flu outbreak confirmed in Liaoning
   
  皇冠体育app plans 2007 space mission
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
   
Advertisement