China’s right to make its own decision

Assistant Finance Minister Zhu Guangyao said 25 in Beijing that Geithner, US Treasury Secretary, expressed his respect for China to decide its own exchange rate mechanism, saying exchange rate system suggesting the monetary sovereignty of a country. Geithner has come to attend the second round Sino-US Strategic and economic Dialogue and had a talk with Vice-Premier Wang Qishan on the issue of exchange rate. 

Zhu Guangyao indicates as a sovereign state, China has the right to select the proper exchange rate system, any outside pressures could only hamper the process of China’s exchange reform. He then gives an introduction of comprehensive researches between the two sides about macro economic policies covering fiscal and monetary policy, as well as exchange rate mode.

 Released by Zhu, Geithner says US understands China will take its steps to decide the way of developing, based on the world economic situation and the interest of the nation. 

 Zhu lastly points out China will continue to follow the formation mechanism of yuan rate, which presenting the interest both of the nation and its people.