China’s Yuan Reforms Promising: US Geither

U.S. Treasury Secretary Timothy Geithner told Chinese President Hu Jintao on Friday that China’s moves toward a more market-oriented exchange rate system were “very promising”.

“We consider the broad direction of the economic reforms that you have laid out – to move to a more market oriented exchange rate system, to expand consumption and domestic demand, to open up the Chinese economy further to foreign competition, to create a more modern financial sector – we think these are very promising reforms,” Geithner said in the Great Hall of the People, Reuters reported.