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US Treasury Secretary Urges China To Ease Currency Controls

U.S. Treasury Secretary Henry Paulson urged China to move more quickly to a market-oriented currency exchange system Tuesday.

In a speech in Washington previewing economic talks with China next week, Paulson said Beijing could better cope with inflation if it reduces government efforts to keep the value of China's currency low.

A cheap currency gives Chinese-made goods a price advantage on world markets, and contributes to the imbalance in trade between China and the United States.

U.S. manufacturers and members of Congress have long said China's policy is unfair.

China has allowed the exchange value of its currency to rise, slowly, in a controlled way recently. But Washington wants faster action.

Some information for this report was provided by AP and Bloomberg.