‘It is China’s choice to revalue yuan’

The US treasury secretary said he was confident that China would see that it is in its own interest to make its currency more flexible,and said global economic recovery looks quite strong now. Geithner,in an interview on Tuesday with a TV channel,said it was China’s choice whether or not it revalues the yuan.

“As I said before and I’ll say it again,but I want to make sure I am repeating myself,I am confident that China will decide it’s in their interest to resume the move to a more flexible exchange rate,that they began some years ago and suspended in the midst of the crisis,” he said. The US on Monday reiterated its call for China’s currency to be market-based,as lawmakers warned they would act if there was no movement from China on revaluing the yuan.

Geithner’s comments came shortly after a Chinese foreign ministry spokeswoman said China never manipulates its currency and that the US trade deficit with China did not depend on the yuan’s value.

“We’re working with countries around the world to make sure there is a level playing field globally so that our companies,as they compete globally,are competing on a fair basis. That’s the general imperative and it goes beyond China,” he said. On Friday,a US labour department report showed the economy created jobs in March at the fastest clip in three years.