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U.S. Treasury Secretary Henry Paulson says the United States and China have
agreed to work towards narrowing the trade imbalance between the two nations.
Paulson talked to reporters Friday after wrapping up two days of of high-level
economic talks with Chinese Vice Premier Wu Yi in Beijing. He said that the
two sides agreed to address global imbalances through greater national savings
in the United States, and to increase consumption and exchange rate
flexibility in China.
U.S. and Chinese officials also agreed to allow the Nasdaq market and New
York Stock Exchange to open formal business offices in China. Paulson and his
delegation were 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 undervalued, giving Chinese exports an unfair advantage in
international markets.
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