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Article: MKT FORCES DETERMINE CURRENCY RATES: SENIOR US TREASURY OFFICIAL.
- Article from:
- AsiaPulse News
- Article date:
- September 8, 2005
CopyrightCOPYRIGHT 2005 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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JEJU, South Korea, Sept 8 Asia Pulse - U.S. Deputy Treasury Secretary Robert Kimmitt said Thursday that China and other economies should let their currency rates be determined by market forces.
"As Secretary Snow has made clear, what is important now is that China and other major economies allow their currencies to respond to underlying market forces," Kimmitt told a press conference on South Korea's resort island of Jeju.
He arrived Wednesday to attend the 12th Asia-Pacific Economic Cooperation (APEC) forum that started the same day for a two-day run.
Kimmitt said his country welcomed China's currency move in July, saying it was "significant ...