For America's own expectations, Geithner said, want to make sure that: the United States in the future is a source of growth and stability rather than turbulence due to
"I came here not only for the seminar, I and the Vice Premier Wang Qishan talks two hours, discussed the global economy and Sino-US economic problems. "Geithner said," I think a lot of consensus between China and the United States, we have a lot of progress at the G20 frameworkWorld Steel Pipe .
However, Geithner told this newspaper that, it will not let the IMF into a super-central bank.
tactfully put forward exchange rate appeal
accept a small area, including the media interview in the afternoon, Geithner is presented to the Chinese financial media that he represents the other side: in this meeting held by the G20 presidency, France, China and the United States position subtle commonality.
"exchange rate policy in the asymmetric effect (asymmetry) caused a lot of tension," Geithner said World Steel Pipe News , "For example, to allow exchange rate fluctuations, as well as more free capital flows in emerging markets, which increased their appreciation pressures, but also exacerbate the risk of emerging economies is undervalued, and finally it gave birth to pressure from trade protectionism.
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"From the outset the most basic strategy of addressing the financial crisis, such as the G20 summit in London, we found that (compared to some European countries) or even agree with the Chinese point of view. "Geithner said," This time, the question of reform of the international monetary system, if you see the statement of the Chinese side, look at our statement, you will find we are in agreement.
in France as the organizers of the symposium, the United States, Europe, the relationship among the three subtle: Sarkozy had hoped to invite China to join the same camp the form of support for China's accession to the SDR. Geithner has said that the consensus between China and the United States, sometimes even larger than the consensus between America and Europe.
"Most countries now have a flexible exchange rate policy and an open capital account and exchange rate policies of some emerging economies by a wide range of capital controls, although this has begun to change. This is the most important problems of the international monetary system, but the solution is not so difficult, "Geithner said.
known as the "informal" international monetary system reform and the occasion of the seminar, U.S. Treasury Secretary Timothy Geithner is far from being bluff, he do not even want to discuss China's exchange rate, but yesterday morning speech session, the non-named reference to China's exchange rate policy.But, in fact, China does not need immediately joined the SDR, do not need to immediately open its capital account, China is already part of the global financial safety net.
"This is understandable. For the cautious attitude of the Chinese side on the exchange rate issue, Geithner said, "China has promised to carry out the exchange rate reform, strengthen the exchange rate liquidity to make it more market. I very confident that our commitment to China, I believe this in line with the interests of China and the global economy.
"I think the global need to try to set the standard, or the establishment of normal, or some kind of expect (mockSubscriber.proxy), for example, countries need to how to handle the huge flow of capital, such as which parts of the positive or negative, this field is the IMF has been did not touch. Geithner said that the countries have consensus, trying to reach a basic standard, that is what is effective and what is counterproductive, how to increase transparency.
In reply to this question, the secretary, said: "When I say independent, I mean an independent monetary policy.
the same time, the Chinese central bank in the Chiang Mai outside, has been expanded with more than one country's currency swap lines, which can be dollar package designated currency of the G20, and provide for the SDR loans. For China, reserve diversification is more easily and more smoothly.
support the strengthening of IMF influence
part of the (flexible exchange rate policy) as urged Geithner to support change an integral part of the International Monetary Fund (IMF) Special Drawing Rights (SDR). He repeated in the speech and interview him for the currency of a country to join the SDR basket of currencies of the three criteria: a flexible currency exchange system, an independent central bank, and allow free capital flows.
Geithner admits never thought to set a timetable for China's accession to SDR. The media, he explained that he discussed the SDR is the "year" to calculate, not to calculate the "weeks". He said: "I have never said that China needs to take immediate action.
understood, Geithner this also requires the conduct consultations with China on Sino-US Strategic and Economic Dialogue held in May this year.
you want an independent, neutral organization to provide such a judgment and analysis, so we are very supportive of the IMF can independently provide such an analysis, for example, what is the basic strength of the operating exchange rate, I believe that China also supports the this point. "Geithner said.
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However, the U.S. Congress there are filled with the sense of an deal with renminbi defeat. "Congress wants faster pace in the exchange rate issue, just like other countries. "Geithner told this newspaper that they (Congress) to see the Chinese in advance.
"We should support the IMF in influencing the policy choices of the major economies have greater powers, including the release of the greater independence of the analysis, for example, in its analysis of the equilibrium exchange rate, and if the use of caution in the proposed tools rather than capital controls to guard against damage to a country's domestic financial stability, capital flows. "Geithner said.
"Living in this world of sovereign states, all countries pursue its policy of independence, but when the world economy more and more closely linked, we have the interests and needs cooperation on these issues. "Geithner said," through the IMF and the G20, we were able to strengthen cooperation in their implementation of policies at the same time to improve the world economy, but this is based on the collective interests of all countries and cooperation, because we are a sovereign country, we need to maintain flexibility to deal with domestic challenges.
Sino-US consensus greater than the differences
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In addition to participation in seminars, the another important task of this line of Geithner is meeting with Chinese Vice Premier Wang Qishan. Geithner said, we hope that all countries can benefit from the global economy, we need a more stable financial markets.