As a result neither China, nor the global economy, has reaped the benefits of a more flexible exchange rate.
More Quotes from Timothy Adams:
We have been very supportive of the reforming of the exchange-rate regime, but implied in that support is taking them at their word that over time they'll achieve greater flexibility and an exchange rate that increasingly reflects underlying supply and demand,Timothy Adams
What we tried to do is take a quantum leap in sophistication and scope. It gives you a picture of the truly complex nature of what we are trying to do.
Timothy Adams
This is just yet another step on the road to Iraq's normalization with the global financial community. We see this as solid forward progress.
Timothy Adams
There were a number of statements today ... acknowledging the move of the Chinese and welcoming the move and urging the Chinese to do what they said they plan on doing, which is to put in place greater flexibility over time,
Timothy Adams
We're going to give them the benefit of the doubt that they will do what they say they are going to do. We would just urge them to undertake a quicker pace of reform.
Timothy Adams
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