May 4, 2012 / 2:55 AM / 6 years ago

U.S.'s Geithner says China yuan reforms promising

BEIJING (Reuters) - U.S. Treasury Secretary Timothy Geithner told Chinese President Hu Jintao on Friday that China’s moves toward a more market-oriented exchange rate system were “very promising”.

An employee counts Renminbi yuan banknotes next to U.S. dollars at a branch of Bank of China in Hefei, Anhui province. REUTERS/Stringer

“We consider the broad direction of the economic reforms that you have laid out - to move to a more market oriented exchange rate system, to expand consumption and domestic demand, to open up the Chinese economy further to foreign competition, to create a more modern financial sector - we think these are very promising reforms,” Geithner said in the Great Hall of the People.

Reporting by Michael Martina; Writing by Ben Blanchard; Editing by Ken Wills

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