General
Canada presses China for yuan details
Loading ...Canada’s top political leaders put China on the spot Monday, saying more specifics about the country’s plans to move toward a flexible currency are needed.
Stephen Harper, the Prime Minister, and Jim Flaherty, the Minister of Finance, said world leaders are expected to press Chinese leader Hu Jintao at this weekend’s G20 summit in Toronto on more detailed plans to end the renmimbi’s fixed-rate peg to the U.S. dollar and allow the currency to appreciate.
The comments, following Canada’s success in fighting off the global bank tax, are another sign Canadian officials are not afraid to lead the agenda on the top summit issues.
As markets around the world greeted China’s plan in positive fashion Monday, Mr. Harper said he is encouraged by the move and hopes it will ease the burden on the Canadian dollar of the U.S. currency’s recent decline.
Continue Reading at Financial Post.
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