"Since China is one of the driving forces of the global economy, this will accordingly hurt the global economy. Therefore China's authorities decided to reform the foreign exchange regime in a controlled manner on its own initiative and in a gradual fashion," Wu said.
China in 2005 ended the fixed peg of the yuan to the dollar by allowing it to float within a relatively narrow range but the move has failed to stem pressure from US and European officials for faster action.
The ministers made no mention in their final statement of the steadily eroding dollar, notably against the euro.
The US dollar on Friday plunged to an historic low as the euro rose to a record US$1.4319, largely on fears for the continued good health of the US economy in the face of surging oil prices.
But Paulson, repeating Washington's oft-stated conviction, declared: "I believe a strong dollar is in our nation's interest."
RSS