The secretary of the U.S. Treasury, Timothy Geithner, today called on Beijing to allow yuan appreciation and adopt economic reforms essential to combat the slowdown in world economic growth.
A stronger renminbi will allow China to “move towards a production with higher added value, to reform the Chinese financial system and encourage domestic demand,” Geithner said at the beginning of two days of “strategic and economic dialogue” between the two powers .
The U.S. official acknowledged that the yuan has appreciated about 13 percent since China in June 2010 reinstated a daily fluctuation band of the yuan against the dollar.
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