Economy

US delays publication of exchange rate policies report

(Xinhua)
Updated: 2010-10-16 14:06

WASHINGTON - The US Treasury Department announced on Friday its decision to delay the publication of its semiannual international economic and exchange rate policies report to the Congress, which is due on the same day.

The department said in a statement that the Heads of State, finance ministers, and central bank governors of the G20 and the Asia-Pacific region will participate in several important meetings over the coming weeks. These meetings provide an opportunity to make additional progress on the important challenge of securing stronger and more balanced growth, it added.

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The department would delay the publication of the report in order to take advantage of the opportunity provided by these important events, according to the statement.

Meanwhile, US 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 US dollar," said a statement.

"The challenge of building a stronger, more balanced and sustainable global economic recovery is a multilateral challenge, not just the responsibility of China and the United States. It requires policy reforms in all major economies," noted the statement.