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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: maceng2 who wrote (48863)	3/29/2006 12:40:08 PM
From: regli	of 116555

U.S.: China Must Reform Currency System By MARTIN CRUTSINGER, news.yahoo.com AP Economics Writer WASHINGTON - 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.

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