For more news and videos visit ➡ http://english.ntdtv.com<br />Follow us on Twitter ➡ http://twitter.com/NTDTelevision & http://twitter.com/NTDChinaNews<br />Add us on Facebook ➡ http://on.fb.me/s5KV2C<br /><br />US Treasury Secretary Timothy Geithner presses for more currency value reforms, letting the market determine the value of the renmimbi. He's in Beijing right now, for the US-China talks.<br />US Treasury Secretary Timothy Geithner said Thursday in meetings in Beijing that China should allow the renmimbi to increase in value against the dollar.<br /><br />Geithner spoke at the U.S.--China Strategic and Economic Dialogue in Beijing and says letting the market determine the value of the renmimbi will help China reform their economy, and help domestic demand.<br /><br />Geithner says, (quote) "The United States has a strong interest in the success of these reforms, as does the rest of the world."<br /><br />According to the New York Times, the governor of the Chinese central bank, Zhou Xiaochuan, responded that the market has "its own power to correct" inequities in the exchange rate.<br /><br />China's exchange rate policy has been an ongoing cause of concern to the US for years. At the moment, China controls the renmimbi's currency value, even while trading.<br /><br />On April 16, Beijing let the renminbi trade somewhat more freely, and gave the market more power in the exchange rate. But it was a small shift from a daily range of .5 to 1 percent.
