US to press China on currencies at G7 talks
(AFP)
Updated: 2005-09-22 06:55

WASHINGTON - The United States will use G7 talks this week to press China for more currency reform and to boost domestic demand so that it does not rely so much on US markets, an official said. AFP reported.

Chinese 100-yuan notes. The United States will use G7 talks this week to press China for more currency reform and to boost domestic demand so that it does not rely so much on US markets, an official said. [AFP]

US Treasury Secretary John Snow is scheduled to hold bilateral talks with Chinese Finance Minister Jin Renqing and central bank governor Zhou Xiaochuan on the margins of Friday's Group of Seven meeting.

The G7 talks will open with a luncheon joined by the finance officials from China along with those of Brazil, India, Russia and South Africa.

Treasury Undersecretary for international affairs Tim Adams said the United States was monitoring the Chinese yuan closely after Beijing staged a small but politically symbolic revaluation of the currency on July 21.

"We're in constant contact with our colleagues in China," he told reporters.

"Implied in that support is an expectation that they will indeed follow through on what they said and what they continue to say they're going to do, which is greater flexibility over time," he said.

"I take them at their word. So we look forward to continuing those conversations as we go forward."

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