Geithner confident China will let yuan rise

8220;China,as I8217;ve said many times,has committed to move,8221; he told a congressional hearing. 8220;They understand they need to do it. I think they want to do it. And I8217;m actually quite confident they will do it.8221;

Geithner said that China and several other Asian nations had intervened in the foreign exchange market,apparently to contain the rise of their currencies.

8220;The scale of intervention declined dramatically in the peak of the crisis. It started to increase again in China and countries around the world,8221; he said yesterday,citing the latest financial crisis which peaked around the end of 2008.

Geithner8217;s remarks came after President Barack Obama,on his maiden China visit,tactfully voiced US worries that China8217;s yuan currency was being kept artificially low to boost Chinese exports.

8220;I was pleased to note the Chinese commitment,made in past statements,to move toward a more market-oriented exchange rate over time,8221; Obama said as Chinese leader Hu Jintao looked on.