China agrees 'steady' move on exchange rate

The US won a commitment from China at the G7 meeting in Washington on Friday that it would move 'firmly and steadily' to a flexible, market-based currency.

China's commitment came in a joint economic statement after high-level meetings involving US Federal Chairman Alan Greenspan, US Treasury Secretary John Snow, Jin Renqing, China's Finance Minister and Zhou Xiaochuan, China's Central Bank governor.

However, the Chinese did not offer a firm timetable for how long the transition will take.


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