国际英语新闻：Snow: Let China decide on RMB

BEIJING, April 10 -- It won't be a surprise if the Chinese government soon shifts its currency policy in the light of mounting inflationary pressure in the nation, although it is up to China itself to decide the timing of any yuan revaluation, former US Treasury Secretary John Snow said on Friday.

"Over time, some continuing gradual movement in the yuan will be in China's interest; we're not pushing China, and the timing is certainly to be left to the Chinese leaders who have much better appreciation of those issues," Snow told China Daily on Friday at the Halter Financial Summit in Shanghai.

Snow made the comment amid growing speculation that China may soon resume yuan appreciation following US Treasury Secretary Timothy Geithner's visit to Beijing on Thursday. Details of his meeting with Vice-Premier Wang Qishan are unavailable, but it is widely speculated that he came to further press for yuan revaluation.

John Snow, former US Treasury Secretary, said it is up to Chinese leaders to decide the timing of any yuan revaluation, although he believes a gradual currency revaluation would be the best option for China

Commenting on Geithner's visit, Minister of Commerce Chen Deming said on Thursday that the US trade deficit with China, which is behind its consistent demand for yuan revaluation, is a result of its restrictive trade policies, not China's currency policy.

The market conditions and openness of an economy rather than the exchange rate policy have a major influence in which direction the trade balance swings, Chen said. China has long criticized the US for restricting high-tech exports to China, saying this contributes greatly to the US deficit with China.