BEIJING — China will move forward on its own timetable with revaluation of its currency, President Hu Jintao said Monday at the opening of top-level talks between Chinese and U.S. leaders.
Hu, speaking in Beijing at the opening of the second U.S.-China Strategic & Economic Dialogue, touched briefly on the currency issue — a topic that’s expected to take high priority for the U.S. in these negotiations. Hu did not reveal any details about China’s plans for the yuan.
“China will continue to steadily push forward reform of the yuan exchange-rate formation mechanism in a self-initiated, controllable and gradual manner,” said Hu.
The summit, which is held behind closed doors, is expected to touch on an even broader range of topics than before — from environmental technology and high-speed rail to currency and China’s demand for the U.S. to expand technology transfers. The exchange-rate debate is central to the two countries’ trade relationship, as the U.S. pushes for China to drop a de facto peg to the U.S. dollar that began with the onset of the global financial crisis toward the end of 2008. The Obama administration, like its predecessors, argues China’s exchange currency is undervalued, giving it an unfair advantage.
In her remarks at the opening, U.S. Secretary of State Hillary Clinton said the talks should also touch on security issues like North Korea, plus continue to push for progress on areas like the economy and environment.
“Now, our discussions in these few days are unlikely to solve the shared challenges we face, but they can and should provide a framework for delivering real results to our people,” said Clinton. “We will not agree on every issue, but we will discuss them openly, as between friends and partners.”
During the two-day talks, Chinese leaders will meet with Clinton and others from the Obama cabinet, including Treasury Secretary Timothy Geithner and Commerce Secretary Gary Locke. The summit ends today with a joint press conference likely to unveil some new cooperative agreements.
In Geithner’s remarks at the opening of the economic section of the talks, he touched on the currency issue.
“Allowing the exchange rate to reflect market forces is important — not just to give China the flexibility necessary to sustain economic growth with low inflation but also to reinforce incentives for China’s private sector to shift resources to more productive, higher-value-added activities that will be important to future growth,” said Geithner.
Chinese political scientists said that although these top-level talks don’t typically produce dramatic results, they are essential to keeping Sino-American trade relations on the right track.
“[The dialogue] is not a fire brigade, it is not set to solve specific problems,” said Zhu Feng, an international studies professor at Peking University. “We have the SED because relations between the two sides have been very important, and we need to set a framework for how to solve potential problems on specific issues in the future.”
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)