Rice: China 'doesn't play fair' on trade, currency
WASHINGTON, July 6 |
WASHINGTON, July 6 (Reuters) - U.S. Secretary of State Condoleezza Rice said on Friday that China "doesn't play fair" on trade and currency matters.
U.S. officials have repeatedly said they believe the Chinese currency is undervalued, giving an unfair edge to Chinese manufacturers, and that the country needs to live up to its obligations to reform the yuan and to open up its economy.
Asked if China played fair on trade and currency, Rice said "China doesn't play fair" said in an interview with CNBC's "Closing Bell with Maria Bartiromo" program. The network released a transcript of interview, which was taped on Friday.
Rice said U.S. Treasury Secretary Henry Paulson has called for greater access to the Chinese market, for "reform of the currency to one that will be reflective of the market" and for greater respect for intellectual property rights.
She also stressed that China needed to live up to World Trade Organization rules. "China now has to absolutely live up to those rules," she said.
"On balance, a growing, strong Chinese economy is going to be a good thing for the international system. But it has to be a growing, strong Chinese economy that plays within the rules," she added.
U.S. lawmakers have grown increasingly frustrated with what they see as an undervalued yuan that gives a big price advantage to Chinese manufactured goods, costing American jobs.
Several senators and representatives are pushing trade bills aimed at pressuring China to let the yuan to strengthen in value by threatening currency intervention by the Federal Reserve or anti-dumping duties to offset the perceived foreign exchange advantage.
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