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Time for China to revalue yuan - U.S. Treasury official
An employee poses with China yuan notes at the Bank of Taiwan head office in Taipei March 8, 2010.
Credit: Reuters/Nicky Loh/Files
WASHINGTON |
WASHINGTON (Reuters) - The U.S. Treasury Department shares U.S. lawmakers' concerns about China's exchange rate practices and believes it is time for China to again begin raising the value of its yuan, a Treasury Department official said on Tuesday.
"We too have serious concerns about China's exchange rate policy. The rebound of China's economic growth and exports and their continued large-scale reserve accumulation indicate clearly that China should resume appreciation of the RMB," or yuan, a Treasury official said, speaking on condition of anonymity.
The official was reacting to a bipartisan Senate bill introduced on Tuesday to prod China on the currency front.
"As the president said last week, a more market-oriented exchange rate will make an essential contribution to a stronger, more balanced global economy that is essential to ensure a durable recovery for American businesses and workers," the official added.
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