U.S.'s Geithner says China yuan reforms promising

Fri May 4, 2012 1:19am EDT
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BEIJING (Reuters) - U.S. Treasury Secretary Timothy Geithner told Chinese President Hu Jintao on Friday that China's moves toward a more market-oriented exchange rate system were "very promising".

"We consider the broad direction of the economic reforms that you have laid out - to move to a more market oriented exchange rate system, to expand consumption and domestic demand, to open up the Chinese economy further to foreign competition, to create a more modern financial sector - we think these are very promising reforms," Geithner said in the Great Hall of the People.

(Reporting by Michael Martina; Writing by Ben Blanchard; Editing by Ken Wills)

Different values of China's yuan banknotes are placed on a window sill as Shanghai's skyscrapers are seen in the background, in this photo illustration taken in Shanghai April 15, 2012. REUTERS/Petar Kujundzic