Revaluation of Yuan - its China's choice

Treasury Secretary Timothy Geithner said he was confident that China would see that it is in its own interest to make its currency more flexible, and said global economic recovery "looks quite strong now."

Geithner, in an interview on Tuesday with India's NDTV, said it was "China's choice" whether or not it revalues the yuan.

"As I said before and I'll say it again, but I want to make sure I am repeating myself, I am confident that China will decide it's in their interest to resume the move to a more flexible exchange rate, that they began some years ago and suspended in the midst of the crisis," he said in India's capital.


The United States on Monday reiterated its call for China's currency to be market-based, as lawmakers warned they would act if there was no movement from China on revaluing the yuan.

Geithner's comments came shortly after a Chinese foreign ministry spokeswoman said China never manipulates its currency and that the U.S. trade deficit with China did not depend on the yuan's value.

"We're working with countries around the world to make sure there is a level playing field globally so that our companies, as they compete globally, are competing on a fair basis. That's the general imperative and it goes beyond China," he told the TV channel.

On Friday, a U.S. Labor Department report showed the economy created jobs in March at the fastest clip in three years.

"I think the global recovery looks quite strong now. It's much stronger than it was even three months ago. There's much broader confidence about its sustainability," Geithner said on Tuesday.

He said the probability of a double dip recession was "much much lower than it was."