U.S. Treasury Says China Should Let Yuan Resume Appreciating

businessweek.com — March 16 (Bloomberg) -- The Obama administration has serious concerns about China’s exchange-rate policy and wants the yuan to be allowed to rise, a U.S. Treasury Department official said.

China has seen its exports and economy grow while continuing to accumulate reserves, indicating that the yuan should resume its appreciation, the official said in a statement today in Washington. The Treasury will be reviewing a proposal from Senator Charles Schumer, a New York Democrat, to put pressure on China to revalue its currency, the official said.

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