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USA, China In Trade Talks

The USA is in talks with China on renewal of its call that China revalues the yuan

The USA is in talks with China on renewal of its call that China revalues the yuan.

As Chinese exports have boomed in recent years, the US accuses the Chinese of unfairly benefiting from a vastly undervalued currency.

The US has long called for Beijing to increase the yuan, or better still, allow it to trade freely.

Although Beijing did bow to pressure and push the yuan 2.1% higher in July, the US says this is not enough.

It says the undervalued yuan helps make Chinese exports unfairly cheap, resulting in them flooding into the US and other leading nations.

The two days of negotiations in Beijing are being led by Chinese Finance Minister Jin Renqing and US Treasury Secretary John Snow.