US Treasury Secretary Timothy Geithner held constructive talks on the yuan in China, prompting optimism that Beijing could soon move to change its exchange rate policy, a report said Friday.
Geithner made a quick visit to Beijing late Thursday for a meeting with Chinese Vice Premier Wang Qishan, the cabinet official in charge of economic and financial issues, that lasted for more than an hour.
The two sides issued nearly identical brief statements after the talks, saying they had discussed economic relations and the global financial situation, but neither country specifically mentioned the Chinese currency.
An unnamed US official however told The Wall Street Journal that the issue had been discussed, qualifying the talks as "constructive".
The official said the US side, while not expecting a specific pledge of action from Beijing given its concerns about being seen as bowing to US pressure, was encouraged that China would soon take action, the report said.
But the official emphasised that no breakthroughs were reached.
The yuan has been effectively pegged at 6.8 to the dollar since mid-2008.
The United States and China's other key trading partners have been piling pressure on Beijing to allow the yuan to appreciate, saying it is undervalued and gives the Asian nation an unfair advantage by making its exports cheaper.
US lawmakers had been pushing the US Treasury to label China a "currency manipulator" -- a move that would open the door to sanctions.
But a week ago, the Treasury announced the delay of a report that had been expected in mid-April and which could have slapped China with the "manipulator" tag, with Geithner saying there were better ways to advance US interests.
Geithner and Wang discussed other issues on Thursday, including the concerns of US companies about Beijing policies they say put them at a disadvantage in the Chinese marketplace, the Wall Street Journal said.
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