Snow demands China exchange change

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U.S. Treasury Secretary John Snow said after last weekends meeting of the G7 nations (the United States, Japan, Germany, Britain, France, Italy, and Canada) that China has had more than sufficient time to prepare its financial system to adopt a more flexible exchange rate, and the G7 group as a while sent a clear message to China that the nation must show more flexibility in their exchange rates in order to allow for more balanced economic growth around the world. With the exception of Japan, the rest of the G7 member nations supported the U.S. demand that China take this step immediately. China released a statement Sunday that said they intend to reform their way of assigning value to their currency, but that statement did not give any indication of when they might do so. China has been seen as unwilling to let their currency float on international markets so that they can continue to control its value. In declining to speak in concert with the rest of the G7, Japans finance minister expressed the opinion that China should be left alone to make its own decision on the matter. Japans unwillingness to pressure China on the currency issue is seen as regional loyalty combined with worries about recent Chinese protests against Japan.