China vows to move toward flexible exchange rate ahead of G7 meeting

WASHINGTON (AFP) — China pledged to move toward a flexible exchange rate, the US Treasury Department said, hours ahead of a key meeting of the world's top finance chiefs who are expected to press Beijing to ease its currency policies.

A Treasury statement said the commitment came during a meeting here Thursday of Chinese and US officials preparing for a gathering later Friday of Group of Seven finance ministers and central bank presidents.

The Chinese delegation, led by Finance Minister Jin Renqing, "reaffirmed China's commitment to further advance reform and to push ahead firmly and steadily to a market-based flexible exchange rate, and described the steps the Chinese government has taken to create conditions to establish a more flexible exchange rate," the statement said.

It also noted that the US delegation "expressed support for continued efforts by the Chinese government to bring about this goal as rapidly ...