U.S. Treasury Secretary Timothy Geithner on Thursday urged China to let the value of its tightly-controlled currency rise, as top diplomats from both countries gathered in Beijing for annual talks on economic and security issues. Geithner's comments came at the start of the two-day U.S.-China Strategic Dialogue.
The U.S. Treasury chief expressed support for China's plan to overhaul its financial system to increase support for private enterprise and reduce special treatment for state-owned companies. But he said China should accelerate its economic reforms. A senior U.S. official said Thursday that some progress has already been made in the economic talks. He told reporters on condition of anonymity that China has agreed to consider adopting international rules on providing credit to its exporters.