(Corrects reference to Doha round in paragraph 7)
World leaders must focus on bolstering growth in a global economy still scarred by crisis, Treasury Secretary Timothy Geithner said on Saturday as the heads of the Group of 20 nations gathered in Canada.
World leaders neared agreement on Saturday to halve their budget deficits within three years but, fearing spending cuts would jeopardize a fragile recovery, they planned to allow each country to set its own pace.
World leaders aimed for a common target on Thursday of securing the economic recovery, but disagreed over how best to reach it.
Treasury Secretary Timothy Geithner said on Thursday that the Group of 20 leaders' summit should focus on both growth and fiscal responsibility to lay a foundation for stronger economic growth in the future.
Banks would face tougher curbs on trading but would be able to hold limited hedge fund positions under a proposal unveiled by Senate Democrats as they closed in on a final overhaul of financial regulations.
World leaders will warn this week against taking the global economic recovery for granted while also noting that the huge costs of stimulus could hurt long-term growth, a draft G20 document shows.
Taxpayer losses from the U.S. government's $700 billion financial bailout fund will likely come in below the officially projected $105 billion as the economy recovers, U.S. Treasury Secretary Timothy Geithner said on Tuesday.
Blunt, brash, brainy and occasionally self-mocking. Larry Summers, the White House economic adviser, is all of these things. In a career spanning academia, government and finance, he has rubbed some people the wrong way and infuriated others.
Costs for the emergency bank bailout program launched during the 2007-2008 financial crisis continue to fall as the U.S. economy recovers, Treasury Secretary Timothy Geithner told Congress on Tuesday.
China's announcement that it will resume currency reform made waves globally but caused barely a ripple at home on Sunday, with major newspapers merely reprinting the central bank's statement.
China said on Saturday it would gradually make the yuan more flexible, in a gesture that may deflect foreign criticism at next week's G20 summit but will not quickly yield a big move by its currency.
Treasury Secretary Timothy Geithner welcomed China's decision on Saturday to make its yuan exchange rate more flexible, but said the test is how far and how fast they let the currency appreciate.
China on Saturday said it would gradually make the yuan more flexible, in a gesture that may deflect foreign criticism at next week's G20 summit, but will not quickly yield a big move by its currency.
Treasury Secretary Timothy Geithner said on Saturday he welcomed China's decision to make its yuan exchange rate more flexible, and called for vigorous implementation of the change.
The United States pressed China on Friday to move toward a market-based exchange rate but Beijing said not to meddle with its management of the yuan, setting the stage for a clash at next week's G20 summit.
China told the rest of the world on Friday not to meddle with the way it manages the yuan, setting the stage for a clash with its biggest trading partners at next week's G20 summit.
Finger-pointing at the G20 will be self-defeating for an international forum that should be focused on coordination, not criticism, of economic policies, a senior Chinese government official said.
Finger-pointing at the G20 will be self-defeating for an international forum that should be focused on coordination, not criticism, of economic policies, a senior Chinese government official said.
If China does not act soon to raise the value of its currency, the U.S. Congress could pass legislation aimed at forcing Beijing to act, a top Democratic lawmaker said on Wednesday.
U.S. lawmakers risk poisoning the atmosphere with China through proposed laws aimed at the yuan currency, China's official news agency said on Sunday, calling Congress members baby kissing incompetents.
Proposed U.S. legislation aimed at punishing China unless it lets the yuan rise would not be in line with World Trade Organisation rules, China's Ministry of Commerce said on Saturday.