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CHINA: After Hu's caution on CNY, Beijing signals it may move "a little bit faster" but wants action in return, G7 passes baton to IMF over currencies, both press China
Hilfe Daily Briefing, April, 2006 by Anonymous
President Hu Jintao's visit to the US last week yielded very little of substance on the vexed issue of US demands for greater flexibility (an appreciation) in the CNY exchange rate, and the markets duly wrote down the currency somewhat, but events over the weekend have put the issue back in the spotlight. Hu said no more than that there would be further reform efforts, after last July's unpegging and mild appreciation. Washington did not make any strong direct criticism of this apparently half-hearted commitment but talks were going on at the same time behind the scenes, notably between central bank governor Zhou Xiaochuan and US treasury secretary John Snow, which the US described as "excellent meetings" and on 22 April Zhou said that reform "probably can be a little bit faster"....
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