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Post by bot on Jan 27, 2012 7:46:36 GMT -5
Geithner: China should move on yuan, subsidies from MarketWatch.com - MarketPulse DAVOS, Switzerland (MarketWatch) -- U.S. Treasury Secretary Timothy Geithner said on Friday that China presents a "formidable challenge" to the global trading system since it subsidizes the cost of key imports and keeps its exchange rate artificially low. "It's very important to get China to move on the exchange rate and dialling back subsidies," Geithner said at the annual meeting of the World Economic Forum in Davos. "They are moving on some fronts. We'd like them to do more." China's currency is "still below almost all measures of fundamentals" and over time it will have to rise not only against the U.S. dollar, but also against other major currencies such as the euro and the Japanese yen, Geithner said.
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