U.S. Lawmakers Tell China To Adjust Currency

Senators also concerned about 'rampant intellectual property theft in China and policies that favor domestic firms over their global competitors in the name of indigenous innovation'

China should let its currency rise against the dollar by the time President Hu Jintao makes a state visit to the United States next month, 32 Senators said in a letter released on Dec. 6.

"We urge China to demonstrate its commitment to adopting a market-determined exchange rate by allowing its currency to appreciate meaningfully in advance of President Hu's visit," they urged Chinese Vice Premier Wang Qishan.

The lawmakers -- led by Senate Finance Committee Max Baucus, a Democrat, and the panel's top Republican, Senator Chuck Grassley -- urged Beijing to act on a range of other trade disputes with the United States in a forum this month.

"The US-China economic and strategic relationship is vitally important. But in order to keep that relationship on track, the United States and China must find ways to constructively address persistent concerns that plague us," they said.

They cited rampant intellectual property theft in China, policies that favor domestic firms over their global competitors in the name of "indigenous innovation," and restrictions on imports of U.S. beef.

The senators urged progress on those issues at meetings this month of the US-China Joint Commission on Commerce and Trade.

"We are confident we can do so, and we look forward to working together to develop a deeper, mutually beneficial relationship," they said.

Copyright Agence France-Presse, 2010

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