Geithner Tries to Manage China Treasury Department

Tim Geithner

Treasury Secretary Timothy F. Geithner said the U.S. will use every available tool to urge China to let its currency rise more quickly, including congressional pressure and a twice-yearly report on foreign- exchange markets. “The pace of appreciation has been too slow and the extent of appreciation too limited,” Geithner said in congressional testimony today. “We have to figure out ways to change behavior.” Geithner showed renewed frustration with China’s control over the yuan during a pair of congressional hearings totaling four hours. The Treasury chief said the administration would take a careful look at proposed legislation on trade sanctions that companies could pursue in response to China’s currency policy, including a bill proposed in the House by Ohio Democrat Tim Ryan and Pennsylvania Republican Tim Murphy.  Read more here:

Geithner Tries to Manage China Treasury Department