Stephen Roach Currency Quotations

China has been moving -- very slowly, but the speed is very much dependent on their ability to withstand reforms. The idea of forcing China and other countries to move on the currency front is a bad one.

There is good reason to believe that a sharp weakening in the value of the U.S. currency is essential to the global rebalancing that must begin to take place if the world's current account imbalances are to be corrected,

Europe looks at China as more of a strategic partner than a competitive threat so it has stayed more out of the currency debate than the U.S..

I fully expect that the Chinese officials will address these tension points, but will not waver from their steadfast commitment on a medium- to longer-term basis of an open capital account and currency convertibility,