(Archived Content)
2005-6-23-10-31-1-28861
On Thursday morning, Treasury Secretary John Snow testified with Federal Reserve Board Chairman Alan Greenspan before the Senate Committee on Finance regarding economic relations with China. This hearing could not be more timely, Snow said. China is playing a larger and larger role in the global economy and the Treasury Department has been intensely engaged on a broad range of Chinese financial and economic issues over the course of the last several years, particularly on the question of the yuan and flexible exchange rates. It is important that China move to a more flexible exchange rate regime, we have urged them to do so, and they have agreed that it is in their interest to adopt greater exchange rate flexibility. While it is in China's interest that they do so, it is also in the interest of the global adjustment process, which is a shared responsibility.