31 Mar '11, 3am

Geithner calls for more flexible forex policies at G20

Geithner calls for more flexible forex policies at G20

NANJING, China: US Treasury Secretary Timothy Geithner on Thursday called for more flexible exchange rate policies at a Group of 20 meeting in China, saying it was crucial to global monetary system reform. Geithner did not explicitly single out China in his remarks at a G20 seminar on international monetary reform attended by ministers and central bankers, but hinted that Beijing needed to loosen its grip on the yuan. He said that to better manage sweeping global economic change, nations must build "flexible exchange rate policies that can help countries better absorb shocks" in the future, according to a copy of his remarks. "The most compelling gaps in the present system are the weaknesses and inconsistencies in the approaches that govern exchange rate policy and the use of capital controls," Geithner said. He explained while most major emerging countries operate "largel...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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China revises up forex reserves

straitstimes.com 01 Apr '11, 10am

SHANGHAI - CHINA on Friday revised up its world-beating foreign exchange reserves for 2010, but insisted trade would be mo...