BRUSSELS (AFP) — A senior US official urged China on Friday to loosen state control over the yuan’s exchange rate more quickly and welcomed recent European pressure on Beijing to allow the currency to trade more freely. China regularly comes under fire from major trade partners for artificially keeping down the value of its currency in order to make its exports cheaper on international markets. China’s state-controlled exchange rate has long irritated lawmakers in Washington, which has piled pressure on Beijing to let the market more freely set the value of the yuan, although with little effect so far. Europe joined the chorus of concern about the yuan earlier this week when finance ministers from the 13 nations sharing the euro singled out China for criticism over the exchange rate and agreed to dispatch a senior delegation to voice their concerns there. read more
[Tags]beijing, china, exchange, rate, yuan, currency, forex news[/Tags]
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