UPDATE 1-US seeing progress in China relationship-official

Published 11/11/2010, 11:50 PM
Updated 11/11/2010, 11:52 PM

SEOUL, Nov 12 (Reuters) - The United States is seeing progress in its relationship with China over currency and trade issues, a senior Obama administration official said on Friday as Group of 20 leaders met.

"When you look past some of the heat we've seen recently and you look at what's happening in our very important relations with China, I'm very encouraged by the progress we've seen," the official told a news briefing.

"We've seen them move to let the exchange rate appreciate in response to market forces at an accelerated rate since September. China recognizes of course that's very important to its own growth in the future," the official added.

The U.S. briefing offered a more conciliatory tone than recent criticism of China's exchange rate policies from U.S. officials.

The official spoke after U.S. Treasury Secretary Geithner met with Beijing's top economic officials, Chinese Vice Premier Wang Qishan and the head of China's central bank, Zhou Xiaochuan.

Geithner last month put off a decision on whether China is manipulating its currency for trade advantage until sometime after the G20 summit and a similar gathering in Yokohama, Japan, this weekend.

On Thursday, U.S. President Barack Obama also met with Chinese President Hu Jintao on the sidelines of the G20 summit.

On the broader trade agenda with China, the senior U.S. official said China was "beginning to take steps to address the very important concerns that we have" on intellectual property protection and access to China's markets.

"We want to obviously build on that in preparation for President Hu's visit," the official said, referring to a planned trip to Washington early next year by the Chinese leader.

(Reporting by Alister Bull, Patricia Zengerle and David Lawder; Writing by David Lawder; Editing by Tomasz Janowski; G20 Newsroom, +82 2 800 1122)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.