June 30, 2005
JS-2621

Statement by Treasury Secretary John Snow following meeting
with Senators Lindsay Graham and Chuck Schumer

"I appreciate the accommodation shown by Senators Graham and Schumer in agreeing to postpone a vote on the China tariff legislation.  It is important that China move to a more flexible exchange rate regime, we have urged them to do so, and they have agreed that it is in their interest to adopt greater exchange rate flexibility. While it is in China's interest that they do so, it is also in the interest of the global adjustment process.  I believe that our longstanding efforts are beginning to come to fruition and we are making progress toward achieving this goal. I appreciate the strong interest of Senators Graham and Schumer on this issue. Our cooperation with Congress can be constructive and I hope to continue to work with both Senators, and other Members, as we move forward."