WASHINGTON - US Treasury on Tuesday said in a statement that it would continue to monitor reform moves of China, reiterating that policies that reflect China's desire to move towards a consumption-driven economy are in the best interests of China and America.
The statement came in response to China's move to improve its foreign exchange system.
The People's Bank of China (PBOC) on Tuesday announced the decision to improve its central parity system to better reflect market development in the exchange rate between the Chinese yuan against the US dollar. Following the decision, the Chinese currency, yuan, fell sharply in value on Tuesday.
The US Treasury said in the statement that "while it's too early to judge the full implications of the change in the PBOC reference rate, China has indicated the changes announced today are another step in its move to a more market-oriented exchange rate."
The Treasury admitted China's progress in promoting financial reforms, including its commitments made at the recent China-US Strategic and Economic Dialogue to move towards a more flexible, market-determined exchange rate, limit foreign exchange intervention, and increase the transparency of its exchange rate policies.
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 130349 
