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U.S. Treasury Secretary Henry Paulson has urged China to make its currency
more flexible, at the start of high-level economic talks in Beijing.
Paulson is leading a U.S. delegation that includes several cabinet-rank
officials and (Ben Bernanke,) the head of the Federal Reserve.
The delegation is under pressure from U.S. companies to take a hard line
with China over the value of its currency and market access.
Washington says the yuan is being kept undervalued, making Chinese exports
unfairly cheap and preventing U.S. companies from being competitive.
Paulson said Thursday that his delegation also will urge China to crackdown
on product piracy.
Chinese Vice Premier Wu Yi says China is increasing imports to offset its
trade surplus, and that the country is striving for a rough balance between
imports and exports.
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