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US presses China over currency in economy talks

Christopher Bodeen, Associated Press
May 3, 2012
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U.S. Treasury Secretary Timothy Geithner urged Beijing to let its tightly controlled currency strengthen and open its markets wider amid trade strains at a high-level economic dialogue Thursday.
 
Chinese officials denied the yuan is undervalued and pressed Washington to ease controls on exports of high-tech goods.
 
Beijing has allowed the yuan to rise gradually but Washington and other trading partners complain it still is too weak, giving Chinese exporters an unfair advantage and hurting foreign competitors. Some American lawmakers are calling for punitive tariffs on Chinese goods if Beijing fails to act faster.
 
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