Reuters: US Dollar Report: U.S.'s Geithner says China yuan reforms promising

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U.S.'s Geithner says China yuan reforms promising May 4th 2012, 02:47 BEIJING | Thu May 3, 2012 10:47pm EDT BEIJING May 4 (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". "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.

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