The United States will push China to untie its currency from the dollar as soon as possible during Group of Seven meetings with Chinese officials, John Taylor, the U.S. Treasury Department's undersecretary for international affairs, indicated Friday. "Our discussions with China have been good and candid," Taylor said in a briefing before the official G-7 talks, where he is standing in for U.S. Treasury Secretary John Snow who pulled out because of a cold. "We know they are taking steps toward a more flexible exchange rate." Taylor, who is due to meet with Chinese economic policy-makers later Friday, said the United States would like to see China adopt a flexible exchange rate "as quickly as possible." People's Bank of China Governor Zhou Xiaochuan, however, hinted in an address to business and government leaders attending a conference ahead of G7 meeting that China will be asking for more time.
