feluisak
29.03.06, 18:29
Wesole to :)
U.S.: China Must Reform Currency System
By MARTIN CRUTSINGER, AP Economics Writer
The Bush administration warned China on Wednesday that it must do more to
allow its currency's value to be set by market forces.
Treasury Undersecretary Timothy Adams told a congressional committee that
getting China to move toward a more flexible exchange rate system remained
his department's No. 1 priority and the Chinese have failed to do enough
since announcing last summer a small revaluation of the currency.
"To date, China's progress has been far too cautious," Adams said in
testimony to the Senate Finance Committee. "China could easily move more
rapidly towards greater flexibility. It should do so now."
Adam's comments come as the administration is seeking to step up pressure on
China to do more to deal with a U.S. trade deficit which hit an all-time high
for any country of $202 billion last year.
