Does China need more progress?

"China needs to make more progress toward currency flexibility, and its growing global role brings greater responsibility" Treasury Secretary John Snow said Friday.
This is what Snow said at Stanford University, he insisted that "Adjustment of global imbalances is a shared responsibility that ust be undertaken in a way that maximizes sustained global growth". He is pretty much unsatisfied with what China did with the currency flexibility and urged China to open up its financial sector to improve market efficiency. Just have a look at the outcome of the increase of currency flexibility: for China itself, export may be influced in a way due to the increased price. Futher more, the price of the consumer goods are also rising. It makes goods which are "Made In China" less competitive. The increase of currency flexibility does good to individual Chinese people but it is hard to say if it has greater positive or negative infuluences to the whole country.