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Japanese Finance Minister Sadakazu Tanigaki told his Chinese counterpart on Saturday that a more flexible currency exchange policy would be a boon to China's economy.
"I welcome the reform taken last year and think that managing the currency system would be beneficial to China's economy," Tanigaki said to Chinese Finance Minister Jin Renqing during their meeting, the Japanese minister later told reporters.
China is under international pressure, particularly from the United States, to make its currency more flexible despite Beijing's removal of a decade-old peg to the dollar last July. The currency has appreciated about 1 percent since then.
According to China's currency rules, the yuan is allowed to rise or fall by 0.3 percent against the dollar in a day, but until now daily fluctuations have been less than that.
"The yuan has been moving more recently, but overall daily movements have been limited," Tanigaki said he told Jin.
US politicians say the yuan is so undervalued that it gives Chinese products an unfair advantage in US markets.
Two US senators were in Beijing this week to decide whether to proceed with a vote on a bill that threatens to impose a 27.5 percent tariff on Chinese exports to the United States if China does not revalue the yuan further.
Japan shares concerns about the yuan, but has taken a softer approach out of concern that too much pressure could be counter-productive. Japan-China relations have been strained over a range of issues, particularly Japanese Prime Minister Junichiro Koizumi's visits to a Tokyo war shrine that China sees as a symbol of Japan's past militarism.
But Tanigaki and Jin appeared eager to fend off concerns that the long political chill between the two countries may harm prospering economic ties.

Copyright Reuters, 2006

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