Presidents fall out over money - China US

[dArKeR]

China's president, Hu Jintao, yesterday rejected a personal appeal from his American counterpart, George Bush, to revalue his country's currency and adjust other policies that Washington claims give China an unfair trading advantage.

Hu declined to discuss the issue after the two men met during a summit of Pacific rim leaders in Bangkok and instead stressed the positive aspects of the conversation.

"We stated our readiness to resolve whatever questions that might emerge in our economic exchanges and trade through dialogue," he said, adding that they had agreed "that the economic cooperation and trade between our two countries have benefited our two peoples tremendously".

Washington believes the renminbi, pegged at 8,28 to the US dollar, is undervalued by as much as 40%, making Chinese exports much cheaper and costing America manufacturing jobs. Some US legislators are urging Bush to take the matter to the World Trade Organisation while others want Beijing's special trading privileges revoked.

http://www.mg.co.za/Content/l3.asp?ao=22252

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