The United States and other nations are urging China to take additional steps to let the value of the yuan rise further against the U.S. dollar, a top U.S. Treasury official said Thursday.
The yuan has appreciated by less than 0.2 percent against the dollar since July 21, when authorities revalued the currency at 8.11 to the dollar, up about 2 percent from the previous rate of 8.27 yuan. At the same time, Beijing began linking the yuan’s value to a basket of currencies, though it limits daily movements to within a 0.3 percent range of its opening level.
Financial officials from the Group of 20 developing and industrialized countries, now meeting in the Chinese port city of Dalian, urged Beijing to let the yuan move further, said U.S. Treasury Undersecretary for International Affairs Timothy Adams.
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