Friday, December 05, 2008

U.S. urges China to let yuan rise more swiftly

The United States called on Friday for China to let the yuan trade more freely and rise more quickly.

In a four-page fact-sheet distributed after a two-day meeting of the Sino-American "Strategic Economic Dialogue," the United States acknowledged that the yuan has risen 20.3 percent against the dollar since July 2005.

The yuan, also known as the renminbi (RMB), has risen 22.0 pct on a trade-weighed basis over the same period, the fact sheet said.

"While recognizing that currency movements will be uneven over shorter periods, the United States encouraged China to continue, and accelerate, RMB appreciation and flexibility," the fact sheet said.

By contrast, a five-page fact-sheet issued by the Chinese delegation made no mention of the yuan.

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