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Snow says yuan peg global risk-AWSJ

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TOKYO (Reuters) - U.S. Treasury Secretary John Snow called China's currency peg a threat to the global economy and said the benefits of a near-term revaluation outweigh any risks in a newspaper article published on Thursday.

"I believe the risks associated with delay far outweigh any concerns with immediate reform," Snow wrote in the Asian Wall Street Journal.

"The currency system poses a risk to China's economy, its trading partners and global economic growth."

Snow called the yuan's tight 8.28 peg to the dollar "highly distortionary" to the global economy.

"It is incumbent on China to address concerns before the mounting pressures worldwide to restrict trade harm the openness of the international trading system," he wrote. (...)

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Snow says China should change currency policies

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WASHINGTON, May 26 (Xinhuanet) -- US Treasury Secretary John Snow said Thursday that China should change currency practices that American manufacturers blame for soaring US trade deficits.

In his prepared testimony before the Senate Banking Committee, Snow said: "China is now ready and should move without delay in a manner and magnitude that is sufficiently reflective of underlying market conditions."

Snow repeated a warning made in a currency report sent to the US Congress last week: China could be cited by the US government as a currency manipulator, a process that could lead to economic sanctions, if it does not act soon.

"If current trends continue without substantial alteration, China's policies will likely meet the technical requirements of the statute for designation," Snow said.

Chinese Premier Wen Jiabao said recently that China regards thereform of the exchange rate of the Chinese yuan as an issue of sovereignty and will never yield to any external pressure. He stressed that China will implement reforms once the conditions areright, even without foreign pressure.

US Federal Reserve (Fed) Chairman Alan Greenspan also said lastweek that a move by China to revalue its currency "probably quite unlikely" to reduce the US overall trade imbalance.

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Snow says China making progress for flexible currency

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NEW YORK, May 26 (Xinhuanet) -- US Treasury Secretary John Snow said Thursday that China had now taken all the steps needed to prepare for the move to a more flexible currency.

Snow told the Senate Banking Committee that the US government's nearly two-year currency consultations with China was showing results. China had now taken all the steps needed to prepare their

financial system for the move to a more flexible currency.

However, he said that the US government was not insisting that China moves immediately to a currency whose value was set totally in global currency markets. "We are not calling for an immediate full float with fully liberalized capital markets. This would be amistake at this time -- China's banking sector is not prepared," Snow said.

Thursday's "Wall Street Journal" also cited Snow as saying thata more flexible system in China alone would not solve global imbalances. Solving the global imbalances was the shared responsibility of all major economic participants.

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