Geithner to Visit Beijing Thursday

U.S. Treasury Secretary Timothy Geithner will meet Thursday in Beijing with a Chinese vice premier as the U.S. and China find themselves in a currency dispute.
Author:
Publish date:

MUMBAI, India (

TheStreet

) -- U.S. Treasury Secretary Timothy Geithner will meet Thursday in Beijing with a Chinese vice premier as the U.S. and China find themselves in a currency dispute.

A Geithner spokesman said the Treasury secretary would meet with Wang Qishan, the vice premier in charge of economic affairs, according to reports.

Geithner said over the weekend he would delay a report to Congress on the currency policies of major U.S. trading partners so that the U.S. can hold discussions with Chinese officials.

The report was due April 15, and critics of China's exchange-rate controls had been pressing the Obama administration to label China a currency manipulator. They say that Beijing purposely devalues its currency in order to give its exports an unfair advantage.

In a letter to the

Wall Street Journal

published Saturday, Geithner wrote, "China's continued maintenance of a currency peg has required increasingly large volumes of currency intervention. Additionally, China's inflexible exchange rate has made it difficult for other emerging market economies to let their currencies appreciate. A move by China to a more market-oriented exchange rate will make an essential contribution to global rebalancing."

-- Reported by Joseph Woelfel in New York.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.