BEIJING, May 3 -- US Treasury Secretary John Snow said the time is ripe for China to move to on its currency.

    "We've been engaged with the Chinese now for over two years in discussions on the direction of their currency," Snow told CNBC television.

    "They've committed to move to greater flexibility. They've taken a lot of steps to accommodate greater flexibility through improvements in their financial system. We think they're ready and we think now is the time for them to move."

    A top Chinese finance official said recently that Beijing has no timeframe for reform of its foreign exchange system, despite increasing pressure from the United States and others to throw open its currency regime.

    Snow said discussions were ongoing with Beijing on a move to a flexible currency, which Washington argues may help ease trade deficit and other economic imbalances.

    "We have talked extensively about the move to greater flexibility and they know our position," he said.

    (Source: CRI/AFP, Photo: AFP)