Alan Greenspan, chairman of the Federal Reserve, and John Snow, Secretary of the Treasury, testified before Congress regarding the planned revaluation of the Yuan.  Both Greenspan and Snow reiterated their collective belief that China should revalue as soon as possible, in the interest of the global economy.  Snow claimed China now has all of the necessary mechanisms and controls in place to support a floating currency.  In their testimony, both men also addressed the proposed legislation of high tariffs on all Chinese imports, should China fail to revalue its currency within a designated period of time. They both agreed it was counterproductive to current diplomatic efforts, and will not likely goad China into revaluing any sooner. Reuters reports:

"The sooner the Chinese, in their own self-interest, move to a more flexible currency regime, perhaps leading other Asian currencies to become more flexible as well, the better for all participants in the global trading system," Greenspan said.

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