Geithner says China committed to forex progress

WASHINGTON, April 22 Wed Apr 22, 2009 7:22pm IST

WASHINGTON, April 22 (Reuters) - China is committed to continuing to strengthen the value of its currency as it plays a vital role in stabilizing the global economy, U.S. Treasury Secretary Timothy Geithner said on Wednesday.

"I have nothing further to add to what we said in the report that we issued last week," Geithner said in response to a question after a speech to the Economic Club of Washington.

The U.S. Treasury Department last week declined to label China a currency manipulator, retreating from tough talk last year when a campaigning Barack Obama said Beijing had kept its exchange rate unfairly low.

"China is ... committed to continuing this path of further evolution in their exchange rate regime, which is so important to China and so important to the rest of the world," he added. (Reporting by Corbett B. Daly; Editing by James Dalgleish) (For more Economics news and our MacroScope blog, go to blogs.reuters.com/macroscope)