|
 WASHINGTON (AP) - Federal Reserve Chairman Alan Greenspan on Thursday welcomed China's decision to move to a more flexible currency system, calling it "a good start."
Greenspan's comments during an appearance before the Senate Banking Committee came as the Bush administration, while praising China's action, said it would monitor the country's implementation of the new arrangement.
"I welcome China's announcement today that it is adopting a more flexible exchange rate regime," Treasury Secretary John Snow said in a statement. "As we have said, reform of China's currency regime is important for China and the international financial system."
|