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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 Weekend Edition Singapore Asia Pacific World US senator calls on China to allow currency rise AFP - 2 hours 9 minutes ago Send IM Story Print US senator calls on China to allow currency rise Slideshow: Full Photo Coverage: Business & Economy BEIJING (AFP) - – A top US senator has called on China to allow "meaningful" appreciation in the yuan, just days before the Treasury Department is due to release a report that could label Beijing a currency manipulator. Senate Finance Committee chairman Max Baucus urged Chinese Vice Premier Wang Qishan to let the currency strengthen at a faster pace, according to a Senate statement on Baucus's visit to China this week. Baucus also pushed for a timeline on "meaningful currency appreciation", the statement said. "We want to strengthen our relationship, but to do so means addressing critical issues, including China's currency practices," Baucus said in the statement, adding that the two sides needed to cooperate on a range of issues. The US Treasury Department's twice-yearly report on the currency practices of China and other countries is expected to be released on Friday. The central bank set the yuan central parity rate -- the middle of the currency's allowed trading band -- at 6.6582 to the dollar on Thursday, the strongest rate since Beijing vowed limited currency reforms in June. China has a history of allowing the yuan to strengthen slightly ahead of events at which it expects to come under heightened pressure over the value of the currency, which Congressional critics say is grossly undervalued. US and European lawmakers have renewed calls for a stronger currency as their economies struggle to recover from the global financial crisis. Several countries ranging from Japan to Colombia have intervened in recent weeks to make their currencies cheaper in the hope of exporting their way out of the downturn, fuelling fears of a global currency war. During his meetings with top Chinese officials, Baucus also pushed for better protection of intellectual property rights and called for China's "discriminatory indigenous innovation policies" to be phased out, the statement said. "A stronger relationship between the United States and China will create both American and Chinese jobs, help our economies prosper and drive global economic growth," Baucus said. "But clearly more work is needed to ensure China is competing fairly." His meetings in Beijing concluded, Baucus was in Shanghai on Thursday before his planned departure from China at the weekend, a US embassy spokesman said. Recommend Send IM Story Print Related Articles Fashion giant Prada eyeing Hong Kong IPO: report AFP - 23 minutes ago Japan JX to restart Negishi No.4 CDU Fri as planned Reuters - 28 minutes ago Bank Dhofar Q3 profit up 5 pct, below forecasts Reuters - 31 minutes ago JGBs flat to weaker; Nikkei rally offsets solid sale Reuters - 32 minutes ago Rio Tinto strikes iron ore production record AFP - 34 minutes ago News Search Top Stories 'Bandit' Obama billboard sparks storm in US city OPEC set to maintain official oil output Hero's welcome in Lebanon for Iranian leader Time to find a second Earth, WWF says In Chile mine accident, 33 is lucky number More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Time to find a second Earth, WWF says Chile mine rescue operation begins Standard Chartered to raise 3.3 billion pounds 'No risk' of currency war: Geithner Lacklustre England held by minnows Montenegro More Most Viewed » Too much TV psychologically harms kids: study Workers swarm Europe's streets in anti-cuts protests British lottery winner gets record 129 mln euros 'A billion people' go hungry in 2010: report More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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