Chinese and American financial officials held negotiations on the exchange rate of Renminbi (RMB, or People's Currency) in Washington on May 9 (local time), according to Phoenix TV. US officials said afterwards that progress was made at the meeting.

The meeting was held between middle-level officials of US Treasury Department and People's Bank of China. US Treasury spokesman Tony Fratto said that the meeting, as other work conferences, makes the day of China's more flexible exchange rate regime closer to the United States.

Fratto said progress has been made at the meeting on persuading China to abandon the policy of pegging RMB to exchange rate of US dollar. But he did not give any detail on when China will take action.

Fratto said that it is constructive to exchange views with Chinese officials, and it is an opportunity for both sides in exchanges on technical level.

The meeting is the fourth of such kind between China and the United States, and the first time this year. During the four meetings, the United States has been urging China to adopt a more flexible exchange rate regime.

By People's Daily Online