April 9th, 2010
07:06 PM ET
13 years ago

China and the yuan: What's at stake

New York (CNNMoney.com) - Chinese and U.S. officials are reportedly close to a deal on boosting the value of China's currency, the yuan - the first step to making U.S.-made goods more competitive versus Chinese exports.

U.S. Treasury Secretary Timothy Geithner was in China for a surprise meeting this week, and Chinese President Hu Jintao is due in Washington next week.

"It's basically seems like it's a done deal," said foreign exchange expert Ashraf Laidi, chief market strategist for CMC Markets.

The agreement is widely expected to result in an immediate 2% to 3% rise in the yuan - a fairly modest step. What could make the agreement significant, however, is if China agrees to future increases as the currency moves toward being freely traded for the first time.

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Filed under: China • Timothy Geithner
soundoff (4 Responses)
  1. J. Richter

    Another major notch in this admin's hat. This should do a bit to slide thee prior decades downward slide of US export and increase in Chinese imports devastating whole industries and our small communities. This is going to go down as the most achieving administration in history if they keep this up.

    April 9, 2010 08:16 pm at 8:16 pm |
  2. Claudia, Houston, Tx

    You go team Obama, we don't trailor trash talk, we use our educated intelligence which is a gift from God and you can't trouch that. One must first know and understand world politics in order to make policy. If don't have that, then you have nothing but a opening on your face without a brain.

    April 9, 2010 08:24 pm at 8:24 pm |
  3. m smith

    it's all this good stuff that no one seems to want to talk about. The repos keep yelling and complaining and the president just keeps working to improve the economy.

    April 9, 2010 08:36 pm at 8:36 pm |
  4. Robert Warner

    That's the difference between trade policies under a Democrat and a Republican- both believe in open and free trade but Obama also wants it to be fair. Under Obama's policy of fair trade, America will prosper.

    April 9, 2010 09:06 pm at 9:06 pm |