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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World 'very important' for China to move on currency: US AFP - Thursday, March 25 Send IM Story Print 'very important' for China to move on currency: US Slideshow: Full Photo Coverage: Business & Economy WASHINGTON (AFP) - – US Treasury Secretary Timothy Geithner said it was "very important" for China to make its currency flexible, but a Chinese official on a Washington visit dismissed US demands for change. Just weeks before he makes a decision whether to label China a "currency manipulator," which could trigger tougher action against Beijing, Geithner said on Wednesday Beijing should allow its yuan currency, which is virtually pegged to the US dollar, to appreciate in a reflection of market expectations. "We can't force them to make that change. But it is very important that they let it start to appreciate again," he said in an interview with the CNN broadcasting network. Some experts believe the Chinese currency is undervalued against the dollar by up to 40 percent. The United States and China's other trading partners claim that it gives the Asian giant an unfair trade advantage by making Chinese exports cheaper. US lawmakers have called on Geithner to label China a "currency manipulator" in a mid-April US Treasury report, as they demanded Beijing to revalue the yuan. Geithner said it would be better for China not to peg its currency to the dollar to emphasize Beijing's independent exchange rate policy. "I think China will be better... stronger as an independent country if they are not running an exchange rate policy that essentially has the Federal Reserve of the United States setting monetary policy in China," he said. As President Barack Obama's administration came under pressure Wednesday to take international action on China's rigid currency policy, a senior Chinese official sent to help calm trade tensions with the United States on Wednesday rejected demands for a yuan revaluation. "Revaluing the RMB (Chinese yuan currency) is not a good recipe for solving problems," Vice Commerce Minister Zhong Shan said in a blunt address to the US Chamber of Commerce, America's biggest business lobby, in Washington. Zhong argued that the US trade deficit with China, blamed on the yuan, was caused by "the shift in the international division of labor and the relocation of industries against the backdrop of globalization and reflects the competitiveness of the two countries." From 2005 to 2008, he said, the yuan appreciated by 21 percent against the dollar and yet China's trade surplus with the United States increased -- by 20.8 percent on an annual basis. Since 2009, he said when the yuan exchange rate remained reasonably stable, China's trade surplus dropped. Zhong's three-day visit to Washington includes meetings with US lawmakers and officials at the US commerce and treasury departments as well as the US Trade Representative's office. US lawmakers and experts told a congressional hearing Wednesday that the United States should challenge the weakness of the yuan at such forums as the IMF, WTO and the Group of 20, enlisting help from European and Asian nations that are also concerned by the impact of China's policy. Engaging China bilaterally on the issue has yielded little progress, a House of Representatives panel heard. "It has been difficult to make progress bilaterally. At times, talk has seemed to produce some progress, but that progress then disappears," lamented Congressman Sander Levin, who heads the powerful House Ways and Means Committee. Levin referred to the upcoming Treasury currency report and said it could spark calls for international action against China, for which the United States is a key export market. Republican Representative Dave Camp, a ranking member of the House panel, urged the Obama administration to try "to establish a robust, multilateral process -- either in the G20, IMF, or elsewhere -- so that other countries, particularly some of China's neighbors in Asia, can bring new points of pressure to bear." Fred Bergsten, an ex-senior US Treasury official, said the United States should gain support from European nations and as many developing economies as possible in the International Monetary Fund to seek a "majority decision" to "remedy the situation promptly." 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