Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Geithner plans China sidetrip

By David Ellis, staff writer


NEW YORK (CNNMoney.com) -- Treasury Secretary Timothy Geithner will meet with a top Chinese official this week, possibly opening the door to a discussion over the value of China's currency.

Geithner, who has been in India this week, will add a trip to Beijing to meet with Vice Premier Wang Qishan on Thursday.

geithner_speech_090210.03.jpg
Treasury Secretary Timothy Geithner

"The Secretary and Vice Premier have been working together to find an opportunity to meet in person for some time," Treasury spokesman Andrew Williams said in a statement to CNN.

The focus of the talks is unclear. However, it's expected that the value of the yuan could be the main topic of their discussion.

A number of U.S. officials have blasted the Chinese government in recent months for allegedly undervaluing its currency. China has denied such accusations.

The low exchange rate keeps Chinese exports cheap and has been blamed for the widening trade gap between China and the United States, as well as the loss of manufacturing jobs in the United States.

The yuan, which has been pegged to the dollar for several years now, is about 20% to 40% below where it would be if the currency were allowed to float freely, according to economists' estimates.

News of the Geithner's meeting with China came just days after the Treasury delayed the release of a report to Congress on the exchange rate policies of its major trading partners.

The report, originally slated for April 15, names those countries it believes to be "currency manipulators." Many have wondered whether China could be included in that list, which would further strain relations. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.83%3.83%
15 yr fixed2.95%2.95%
5/1 ARM3.12%3.13%
30 yr refi3.94%3.95%
15 yr refi3.05%3.05%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 16,102.38 -272.38 -1.66%
Nasdaq 4,683.92 -49.58 -1.05%
S&P 500 1,921.22 -29.91 -1.53%
Treasuries 2.13 -0.04 -1.85%
Data as of 9:44pm ET
Company Price Change % Change
Bank of America Corp... 15.65 -0.29 -1.82%
Apple Inc 109.27 -1.10 -1.00%
Alcoa Inc 9.49 -0.08 -0.84%
Microsoft Corp 42.61 -0.89 -2.05%
General Electric Co 24.00 -0.51 -2.08%
Data as of 4:03pm ET
Sponsors

Sections

Jessica Alba's Honest Company has been sued by a customer who claims the company is making false claims in its marketing and labeling. More

Harlem's Hot Bread Kitchen teaches kitchen skills to low-income immigrant so they can find employment. More

Google has released Chrome 45, which claims to make your browser faster and give your laptop battery extra life. More

Harlem's Hot Bread Kitchen teaches kitchen skills to low-income immigrant so they can find employment. More

Pimco's famous fund once managed by star manager Bill Gross has less than $100 billion in management for the first time since 2007. More