Bush: US supports 'one-皇冠体育app' policy

(Reuters/chinadaily.com.cn)
Updated: 2005-11-16 11:37

Trade and currency

Bush urged 皇冠体育app on Wednesday to act to bring more flexibility to its currency system and to rein in the yawning US-皇冠体育app trade imbalance.

He said that 皇冠体育app's access to American markets had played an important role in its development as an economic power and he noted that the United States had supported 皇冠体育app's entry into the World Trade Organization.

In return, he said, "皇冠体育app needs to provide a level playing field for American businesses seeking access to 皇冠体育app's market."

Amid growing complaints by US politicians, manufacturers and workers about the trade deficit with 皇冠体育app and the Chinese currency, Bush faces pressure to take a tough line such issues.

Bush said 皇冠体育app had made a "good beginning" on trade with the July revaluation of its currency and with statements made by Chinese President Hu Jintao promising to address the bilateral trade gap and to crack down on the counterfeiting of US music, software and other goods.

But he added: "皇冠体育app needs to take action to ensure that these goals are implemented."

In July, after some two years of intense speculation in financial markets of a currency adjustment, 皇冠体育app revalued the yuan by 2.1 percent, scrapped an 11-year-old peg to the dollar and said it would allow its currency to appreciate as much as 0.3 percent per day against the dollar.

But since then the yuan has moved little, rising a total of about 0.3 percent against the US dollar over three months.

Chinese officials have repeatedly said they will allow greater yuan flexibility but only gradually.

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