Congressional Republicans urged the Obama Administration to hold China's feet to the fire over currency and industrial policies they said are hurting American companies. “The U.S.-China relationship is critically important. But much work needs to be done to strengthen that relationship and improve U.S. market access into China,” Republican members of the House Ways and Means Committee said. They put their message in a letter to U.S. Treasury Secretary Timothy Geithner and Secretary of State Hillary Clinton who recently hosted Chinese officials for two days of high-level talks on economic concerns, referred to as the U.S.-China Strategic and Economic Dialogue. The lawmakers also complained that China's currency misalignment continues to be a serious problem, driven in large part by China's refusal to open its capital market. “China must let the renminbi (yuan) appreciate and move toward allowing market supply and demand to determine the value of its currency,” they said. AWPA
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