US pushes yuan case, but leaves it to China - Economic Times

BEIJING: Yuan reform is a decision for China to make by itself, US treasury secretary Timothy Geithner said on Tuesday at the end of talks in Beijing during which the two powers gingerly pressed each other to ease economic strains.

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China’s policy of freezing its currency to the dollar had been a major point of contention in recent months, but both countries used their two-day Strategic and Economic Dialogue to shine a spotlight on other trade irritants, from US export controls to a Chinese innovation programme. On the political side of the talks, they agreed on the importance of stability on the Korean peninsula after North Korea’s alleged sinking of a South Korean naval vessel. Though short on specifics, the S&ED appeared to have served its primary purpose of steadying the vast and sometimes rocky China-US relationship, which went into a dive earlier this year. In his closing remarks, Geithner welcomed a pledge by China’s top leaders to pursue currency reform as part of a broader agenda aimed at boosting domestic consumption and helping rebalance global growth.

Full Story: US pushes yuan case, but leaves it to China - Economic Times