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Bush Urges China to Change Way it Values its Currency

President Bush is renewing his effort to convince China to stop tying its currency to the U.S. dollar.

At a news conference Wednesday, Mr. Bush said if China allowed its currency to trade on open markets, it would help reduce the U.S. trade deficit. China has fixed its currency, the yuan, at 8.28 to the dollar since 1994.

Many U.S. manufacturers say this undervalues China's currency, giving Chinese-made imports an unfair price advantage.

A member of the U.S. Senate's Commerce Committee, Byron Dorgan, says the trade deficit with China is growing in a dangerous way.

In a VOA interview, the Democrat from North Dakota said he is trying to get Senate action to change trade policies and reduce the deficit.

Some information for this report provided by AFP.