Page last updated at 20:16 GMT, Tuesday, 6 April 2010 21:16 UK

Chinese yuan must be more flexible, says White House

Stacks of 100 yuan notes
The US has said China keeps the yuan artificially low, hurting the US economy

The US has again stressed its desire to persuade China to allow its currency, the yuan, to trade more flexibly on foreign exchange markets.

White House press secretary Robert Gibbs said the US would "continue to press China to value their currency in a way that is much more market based".

Meanwhile, the US Treasury secretary said he was "confident" China would decide this was in its best interests.

The US has repeatedly accused China of keeping the yuan artificially low.

This makes it harder for US exports to compete with Chinese exports, it has said.

Mr Gibbs told a news briefing the yuan would be on the agenda next week when President Barack Obama meets his Chinese counterpart, Hu Jintao, on the sidelines of a nuclear summit in Washington.

On a visit to India, US Treasury Secretary Timothy Geithner told media: "I am confident that China will decide it's in their interest to resume the move to a more flexible exchange rate."

Last weekend, the US Treasury said it was postponing by several months an official report on whether China manipulates its currency.

Mr Geithner said he would delay the report, which was due on 15 April, until after a series of G20 and bilateral meetings with China.



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