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Bush urges 皇冠体育app to move on trade
(Reuters)
Updated: 2005-11-16 09:01 U.S. President George W. 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 U.S.-皇冠体育app trade imbalance.
In prepared remarks for a speech he is to deliver later in Kyoto, Bush 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."
Bush's trip to Japan was the first stop on a four-nation tour that will also
take him to South Korea, 皇冠体育app and Mongolia.
Amid growing complaints by U.S. 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 with Chinese President Hu Jintao on 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 Hu promising to address
the bilateral trade gap and to crack down on the counterfeiting of U.S. 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 U.S. dollar over three months.
Chinese officials have repeatedly said they will allow greater yuan
flexibility but only gradually.
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