Monday, December 1, 2008

Yuan Watch : Pushback

By Glenn Somerville
WASHINGTON, Dec 1 (Reuters) - U.S. Treasury Secretary Henry Paulson will push Chinese government officials for further progress on letting its currency appreciate when he visits Beijing for talks on Thursday and Friday, Treasury officials said on Monday.

"There's been very significant progress on currency reform," said the Treasury under secretary for international affairs, David McCormick. "It's as important now as ever, perhaps more so, as China begins to think about its path to growth in the current market conditions."

"Currency reform is as important now as it ever has been and it will be an important part of our discussions," McCormick said, adding that he saw no sign that Beijing regarded currency reform as less important now.

Council of Foreign Relations on Hilary Clinton

She is also concerned about China's economic practices, including the revaluation of the yuan, saying in a CNBC interview that she wants "the countries with whom we do business to have protections for intellectual property; I want them to have a rule of law that is enforceable; I want them to not manipulate their currency."

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