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US urges China to free up currency ahead of talks

A file picture taken on November 12, 2010 shows 100 yuan notes in BeijingUS Treasury Secretary Jacob Lew pressed China Monday to speed up the liberalization of the renminbi ahead of the two countries’ economic conference next month. Lew told Vice Premier Wang Yang of “the need for China to move more rapidly toward a market-determined exchange rate” in a telephone discussion on the bilateral relationship, the Treasury said. The US says the renminbi is deeply undervalued and needs to float according to market forces to help right the two-way trade gap, which is deeply skewed in China’s favor.

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