China is looking to address the recent discrepancy concerning the valuation of the yuan, says U.S. Treasury Secretary Timothy Geithner to Washington on Thursday.
There has been a significant amount of global pressure on China to allow their highly regulated currency to rise against the U.S. dollar in order to forward President Obama’s global rebalancing initiative and bolster the world economy.
Thus far, reports have shown resistance from Chinese officials who have offered criticism on U.S. spending and what seemed like minimal consideration for the proposal but according to Geithner the rise of the yuan is now being considered. Geithner has yet to provide an estimate o
. "China has committed,” Geithner said before a panel of lawmakers, “they understand they need to do it, I think they want to do it, and I'm actually quite confident they will do it."
Geithner has yet to offer a timeline for China weakening its grip on the yuan, only addressing the move as a step toward, “changing the structure of their economy to one that is less reliant on exports, more reliant on domestic consumption and investment.”
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