Credibility

How long have we heard this and similar announcements?

Treasury Secretary Timothy F. Geithner expects China will allow the yuan to strengthen because officials there understand it’s in the interest both of domestic growth and global economic stability.

“They recognize it’s important to the world,” Geithner said in an interview on Oct. 23 with Bloomberg Television, after a meeting of finance ministers and central bankers in Gyeongju, South Korea. As China’s currency stance affects more countries, “China recognizes that, and I think we’re going to see them continue to move.”