China promises for more currency reform in China-US talks

Hu JintaoChina has vowed for more reforms to its exchange rate in a high level trade talk with US. The Chinese President Mr. Hu Jintao has informed that he is interested for a gradual progress on the reformation of exchange rate of the Chinese currency.

But on the other hand, US is looking for the currency policy of China to favors its exporters. The North Korea and South Korea issue over the sinking of warship is to be discussed later in this talk.

China is the closest ally of North Korea so till now China has refrained from criticizing North Korea openly for its action. China had not given its comment over this issue yet.

Now the currency issue has become the top the economic agenda for any country. So China is emphasizing more on this issue. The President has also said that the currency Yuan is undervalued all over the world now and it has given unfair profit to the exporters in global market.

Now China is looking for the advance reform of its currency exchange rate under the principle of controllability, independent decision making and gradual progress. US Treasury Secretary Mr. Geithner has welcomed these programs of China. He will be leading the US delegation to China with US Secretary of State Mrs. Hilary Clinton.