Snow confident on currency reform

US Treasury Secretary John Snow emerged from currency talks with Chinese officials over the weekend, convinced that China has a "genuine commitment" to reform, the Financial Times reported. Although oil prices dominated the agenda at the G20 summit of finance ministers in Xianghe, near Beijing, talks on the potential appreciation of the yuan took place on the sidelines. US officials called for the dropping of foreign ownership caps for investment banks and funds management operations and the removal of barriers on overseas investment in locally traded shares. They say this will deepen capital markets and boost consumption, creating a platform for a more flexible currency.