US Treasury's Brainard: China yuan still undervalued
Published on Tue, Jul 27, 2010 at 09:00 | Source : Reuters
Updated at Tue, Jul 27, 2010 at 09:04
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US Treasury's Brainard: China yuan still undervalued
China's yuan currency remains clearly undervalued and the US Treasury Department is closely monitoring it, the Treasury's point person on international affairs said on Monday.
China's yuan currency remains clearly undervalued and the US Treasury Department is closely monitoring it, the Treasury's point person on international affairs said on Monday.
Lael Brainard, Under Secretary for International Affairs, said during a question-and-answer session at the Peterson Institute that Beijing's recent move to end a peg between its yuan and the dollar showed China was letting market forces play a greater role.
But she noted Treasury's "clear conclusion is that it remains undervalued," though she declined to say by how much.
Brainard also said last week's European bank stress tests had provided "very detailed information bank-by-bank on exposure" to risk, which will help stabilize financial markets by increasing transparency.
