International Economic and Exchange Rate Policies
U.S. Treasury Decision to Delay Its Report to Congress
Secretary of the Treasury Timothy Geithner recognized China’s actions since early September to accelerate the pace of currency appreciation, while noting it is important to sustain this course. Since June 19, 2010, when China announced it would renew the reform of its exchange rate and allow the exchange rate to move higher in response to market forces, the Chinese currency has appreciated by roughly 3 percent against the U.S. dollar. Since September 2, 2010, the pace of appreciation has accelerated to a rate of more than 1 percent per month. If sustained over time, this would help correct what the…
