US pushes for Chinese currency changes

By: Associated Press Email
By: Associated Press Email

U.S. Commerce Secretary Gary Locke is pushing for Chinese currency changes and a business environment that allows Americans to compete with Chinese companies and invest without hindrance.

Locke spoke Wednesday ahead of an appearance by Chinese Premier Wen Jiabao. Locke described U.S. "concerns about ensuring market based adjustments to exchange rates."

The United States says Beijing's tightly regulated yuan is undervalued, giving China's exporters an artificial advantage over U.S. manufacturers.

Many in the United States are also worried about a U.S. trade deficit with China that jumped to $26.2 billion in June.

Locke spoke of a "worldwide rebalancing" where "America buys a little less and sells a little more to China."

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