U.S. Will Push China to Let Yuan Strengthen at Faster Pace
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U.S. officials will press their Chinese counterparts at a meeting next week to let the yuan strengthen more rapidly, a Treasury Department official said.
“We are going to press China to let its exchange rate adjust at a faster pace to correct its still-substantial undervaluation,” David Loevinger, the Treasury’s senior coordinator for China, told reporters in Washington today. “China continues to intervene massively in foreign-exchange markets to constrain the appreciation of its currency.”