China rejects currency control pressure – Joe McDonald

From AP, via Business Week:

China’s finance minister on Thursday rejected U.S. pressure for a quick end to currency controls, saying ahead of a visit by his American counterpart that Beijing will move at its own pace.

Treasury Secretary John Snow, due to meet with Chinese officials in Beijing next week, is expected to push for a faster easing of controls that Washington says keep the yuan’s value against the dollar too low and give Chinese exporters an unfair price advantage.

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