U.S. Treasury Secretary Timothy Geithner says China's recent decision to let its currency's value increase compared to the dollar is “significant” and “promising.”

China's critics say Beijing intervenes in currency markets to push down the value of the yuan. A lower value means Chinese-made goods are cheaper for foreign buyers, boosting China's exports.

But China recently changed its policy and allowed market forces to play a somewhat greater role in setting exchange rates.

In Washington Wednesday, Geithner welcomed the change, but said there is “a long way to go” on this issue.

He said Beijing made the change because it is in China's long-term economic interest.

According to Geithner, the yuan has gained about 14 percent since June, 2010.