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NEWS UPDATES 11 June 2010
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China currency reform pushed

Washington, June 11 - China's refusal to revalue its currency stifles global economic reforms, U.S.Treasury Secretary Timothy Geithner said Thursday.

"The distortions caused by China's exchange rate spread far beyond China's borders and are an impediment to the global rebalancing we need," Geithner told a congressional hearing on the US-China economic relationship.

Under the rebalancing effort, global leaders have agreed that steps should be taken to strike a balance between the huge trade surpluses in Asia and a massive debt in wealthier countries.

As the midterm elections draw nearer in the United States, the Obama administration is under increasing pressure to place restraints on the trade imbalance with China. Critics, particularly on the conservative right, attribute the loss of American jobs to the switch of production facilities to China.


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