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Banned
WASHINGTON (MarketWatch) -- The prospect of slower growth in Europe as a result of the ongoing fiscal crisis makes it "more important than ever" that China take steps to encourage domestic demand, including allowing its currency to strengthen, a senior Treasury official said Wednesday. David Loevinger, Treasury's senior coordinator for China affairs, told reporters that the currency issue would be one of Treasury Secretary Timothy Geithner's top priorities when he sits down with China leaders for bilateral talks in Beijing early next week. Loevinger said he didn't know when China would allow its currency to strengthen but said he was confident that they would eventually see that the move is in their best interest. Some analysts have argued that the European crisis would have the opposite effect and make China more cautious to end the yuan's current peg to the dollar.
