[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/POLITICS/04/01/house.bonus.bill/art.geithner040109.gi.jpg caption="Treasury Secretary Timothy Geithner will meet with a top Chinese official this week, possibly opening the door to a discussion over the value of China's currency."]
Treasury Secretary Timothy Geithner will meet with a top Chinese official this week, possibly opening the door to a discussion over the value of China's currency.
Geithner, who has been in India this week, will add a trip to Beijing to meet with Vice Premier Wang Qishan on Thursday.
"The Secretary and Vice Premier have been working together to find an opportunity to meet in person for some time," Treasury spokesman Andrew Williams said in a statement to CNN.
The focus of the talks is unclear. However, it's expected that the value of the yuan could be the main topic of their discussion.
CNN New York
The upward creep in gas prices is not letting up. AAA reports the national average price for a gallon of regular unleaded gasoline increased to $2.311, up 3 tenths of a cent from the previous day’s price. This is the twentieth consecutive increase. In the last twenty days the average price of gas has increased 26 cents or 12.8 percent. The average price however is down $1.80 or 43.8% from the record high price of $4.114 that AAA reported on July 17, 2008.
All 50 states and the District of Columbia have regular unleaded gas prices of $2 and higher.
The monthly Lundberg Survey reports that gas prices are up 25 cents in two weeks, biggest jump in more than a year, but Lundberg says the trend likely won’t continue.
Newsweek Editor Jon Meacham interviews Treasury Secretary Tim Geithner on "Recession and Recovery: The Road Ahead."
The 1p event at the National Press Club will be coming in live.
Editor's Note: Go here to see the 'Stress Test' results.
For The New York Times
This afternoon, Treasury, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Federal Reserve will announce the results of an unprecedented review of the capital position of the nation’s largest banks. This will be an important step forward in President Obama’s program to help repair the financial system, restore the flow of credit and put our nation on the path to economic recovery.
The president came into office facing a deep recession and a damaged financial system. Credit had dried up, forcing businesses to lay off workers and defer investment. Families were finding it difficult to borrow to finance a new house, buy a car or pay college tuition. Without action to restore lending, we faced the prospect of a much deeper and longer recession.
President Obama confronted these problems with dramatic action to address the housing crisis and to restart credit markets that are responsible for roughly half of all business and consumer lending. The administration also initiated a program to provide a market for legacy loans and securities to help cleanse bank balance sheets. These programs are helping to repair lending channels that do not rely on banks, and will contribute to fixing the banking system itself.
Program Note: Tune in tonight to see Anderson's interview with U.S. Treasury Secretary Timothy Geithner. Anderson will be reporting live from London on AC360° at 10 p.m. ET.
Anderson interviews U.S. Treasury Secretary Timothy Geithner in London at the G-20 Summit.
Editor's note: Richard Quest will answer any reasonable royal or G20 questions on Twitter @richardquest.
[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/images/04/01/art.geithner.queen.jpg caption="U.S. Treasury Secretary meets Queen Elizabeth II in London."]
CNN International Correspondent
Did he or did she? Bow to the Queen that is!
Americans are often in a dither about whether or not they should give the traditional stiff bow from the neck, or a curtsy for women. It goes against the republican grain to make such a sign of respect to a monarch!
Of course there is absolutely no obligation for ANYONE - not even Brits these days - to bow to the Queen. It is not requested nor required. That was changed years ago.
When I met the Queen some years back, no one said a word about having to do it. But I did since I am a British national.
CNN Financial News Producer
The Obama Administration gave General Motors and Chrysler failing grades today for their turnaround efforts and promised a sweeping overhaul of the troubled companies. As part that overhaul, the White House requested - and received - the resignation of GM CEO Rick Wagoner.
Under the new plan, the federal government will provide operating funds for both automakers for several weeks, during which time the companies will have to undergo significant restructuring.
"We cannot, we must not, and we will not let our auto industry simply vanish," Obama said. "This industry is, like no other, an emblem of the American spirit; a once and future symbol of America's success."
GM will get 60 days and Chrysler 30 days in which to make a final push toward proving they can run viable businesses. If Chrysler succeeds, it will receive a $6 billion loan. The amount of money GM may receive was not specified.
Treasury Secretary Tim Geithner
Remarks before the Council on Foreign Relations
The American economy and much of the world now face extraordinary challenges, and confronting these challenges will continue to require extraordinary actions.
No crisis like this has a simple or single cause, but as a nation we borrowed too much and let our financial system take on irresponsible levels of risk. Those decisions have caused enormous suffering, and much of the damage has fallen on ordinary Americans and small business owners who were careful and responsible. This is fundamentally unfair, and Americans are justifiably angry and frustrated.