US Treasury Secretary Timothy Geithner will make an unscheduled visit to Beijing today, where he will meet with with Vice Premier Wang Qishan, the Financial Times reported. The timing of Geithner’s visit, coming just after a senior government economist indicated that Beijing would consider widening the renminbi’s daily trading band and resume gradual appreciation of the currency, suggests that China may be closer to implementing changes to its currency policy. However, analysts said that any change would be timed to reduce the appearance of giving into US pressure for revaluation. While the Obama administration has recently softened its rhetoric on the renminbi, others in the US government – notably New York Senator Charles Schumer – have continued to sharply criticize Beijing’s currency policy and call for legislation to impose tariffs on Chinese imports.
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