Summary Box: Geithner presses Beijing

AP News
Posted: Jan 11, 2012 11:09 AM
Summary Box: Geithner presses Beijing

STICKING POINT: Treasury Secretary Timothy Geithner and Chinese leaders pledged Wednesday to build economic ties but Beijing gave no sign it would relent in its opposition to American sanctions on Iran's oil industry.

MONEY AND POWER: Geithner planned to press Beijing on U.S. complaints about its currency controls as well as lobby for support to rein in Iranian nuclear ambitions. China, the biggest buyer of Iranian oil, has rejected unilateral U.S. sanctions as improper and industry analysts say it is unlikely to cooperate with an oil embargo.

CHINA NEEDS OIL: China's fast-growing economy is the world's biggest energy consumer and depends on Iran for 11 percent of its oil imports. China bought about 600,000 barrels of Iranian crude per day in November, nearly one-third of Iran's daily exports of 2.2 million barrels.