U.S. Department of the Treasury

(Archived Content)

FROM THE OFFICE OF PUBLIC AFFAIRS

2005-5-18-12-21-49-28428

Secretary John Snow today spoke to the American Iron and Steel Institute about China's economic policy, following yesterday's release of Treasury's Foreign Exchange Report. A market-based flexible exchange rate is now the next step in China's move to a market economy. It recognizes the role that China now plays in the world economy, as well as the need for effective market economy policy tools. It's a good step for China, and it's a good step for the rest of the world.

• Click here for Snow's speech