Geithner heads to China
The Treasury secretary is expected to discuss trade issues and ways to avoid branding China as a currency manipulator.
Treasury Secretary Tim Geithner will meet with Chinese Vice Premier Wang Qishan in Beijing on Thursday, after a two-day trip to India.
The meeting comes after Geithner decided over Easter weekend to delay a report on whether China is manipulating its currency. U.S. lawmakers have been pressuring Geithner to persuade China to devalue its currency, the yuan.
China is the second-largest U.S. trading partner, after Canada. The U.S. trade deficit with China in 2009 was $226.8 billion, down 15% from a year earlier, according to the U.S. Commerce Department.
China halted a gradual increase in the yuan's value against the dollar in July 2008 in an effort to protect its exports in the midst of the financial meltdown.
Meanwhile, the National Development and Reform Commission hinted at the possibility of China allowing the yuan to appreciate again. Traders were speculating today that China may extend the band in which the yuan can move against the dollar from plus or minus 0.3% a day to plus or minus 0.5%.
The hint suggests that Chinese policymakers are weighing what may happen if they let the yuan resume its climb after keeping it yoked to the dollar since mid-2008.
On Wednesday, China’s central bank set the yuan’s midpoint at 6.8259 per dollar, the strongest for the yuan in 10 months.
Elizabeth Strott contributed to this report.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market began the last week of July on a quiet note with the S&P 500 ending less than a point above its flat line. Like the benchmark index, the Dow Jones Industrial Average (+0.1%) also posted a slim gain, while the Russell 2000 (-0.5%) and Nasdaq Composite (-0.1%) lagged throughout the session.
The major averages were awakened from their weekend slumber with an opening retreat that pressured the S&P 500 below its 20-day moving average (1975). Even though ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
VIDEO ON MSN MONEY
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'