Geithner Suggests China Strengthen Their “Substantially Undervalued”Currency

“U.S. Treasury Secretary Timothy Geithner said it would help global economies if China allows its “substantially undervalued” currency to strengthen.

“It would be better for the world, more fair to us, and we think in China’s interests, to let the exchange rate appreciate more rapidly,” Geithner said at an event held by the U.S.-China Business Council in Washington Tuesday.

China’s yuan retreated from a 17-year high Tuesday after manufacturing growth eased last month. The currency touched 6.4892 versus the dollar on April 29, the strongest level since the country unified official and market exchange rates at the end of 1993.”

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