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Treasury’s Brainard Says China Needs to Ease Controls on Yuan

Dec. 14 (Bloomberg) -- Lael Brainard, the U.S. Treasury Department’s top international official, called on China to further ease controls on the yuan.

China needs to “stop managing their exchange rate and move to a market-based exchange rate, like all the other major countries" in the Group of 20, Brainard, Treasury undersecretary for international affairs, said today during a panel discussion in Washington. ‘‘We are going to keep pushing them on that.’’

The U.S. Senate approved legislation in October that would let U.S. companies seek duties to compensate for what lawmakers say is an undervalued Chinese currency. The measure hasn’t advanced in the Republican-controlled House, where Speaker John Boehner of Ohio has called it ‘‘dangerous’’ and said it ‘‘poses a very severe risk of a trade war.’’

The discussion was hosted by the Aspen Institute and PBS Newshour.

To contact the reporters on this story: Cheyenne Hopkins at Chopkins19@bloomberg.net;

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

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