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PRINTA series of steps by China in recent weeks is encouraging U.S. officials that Beijing is proceeding with changes to currency and other financial policies that the two countries have long disputed.
Chinese leaders have moved to free up trading of their currency, the renminbi, and offered high-level criticism of state-owned banks. At the same time, China has seen a sharp reduction in the surplus its runs with the rest of the world in trade and financial flows.
“The cumulative effect of what China has done is very significant and very promising,” Treasury Secretary Timothy F. Geithner said Wednesday in a talk at the Brookings Institution. “It signals a continued commitment by Chinese authorities to a broad change” in economic strategy.
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