US presses China on further revaluation of yuan: report
(AFP)
Updated: 2005-10-29 14:31

BEIJING (AFP) - US Treasury secretary John Snow told China the United States wants to see another revaluation of the yuan before a visit to China by US President George W Bush next month, a report said.

The Financial Times, citing unnamed sources, said Snow told China's leaders during private discussions earlier this month more action was needed to demonstrate that July's small revaluation of the yuan was not a one-off.

The message was delivered in meetings with President Hu Jintao, Premier Wen Jiabao, central bank governor Zhou Xiaochuan and Finance Minister Jin Renqing, the newspaper said.

Snow said concerns in the US Congress over the yuan had been allayed only temporarily by July's 2.1 percent revaluation.

He warned of the political pressures surrounding Bush's visit, which begins on November 18.

The Bush administration is particularly concerned about a bill sponsored by US senators Chuck Schumer and Lindsey Graham, which would impose a 27.5 percent tariff on all imports from Chinese in the absence of a meaningful shift towards currency flexibility, the newspaper said.