The US ambassador to China on Monday urged Beijing to end its "unfair" currency policies and stop discrimination against American firms, amid growing trade frictions between the two countries. In a strongly-worded speech, Gary Locke called for fairness in US-China economic ties, reiterating criticism of Beijing's exchange rate policy, which Washington says makes the value of the yuan currency artificially low.
"Fairness... means ending discrimination against US companies, ending unfair trade preferences for domestic firms, ending what we see as unfair, distorting currency practices," Locke told US and Chinese business and government officials. Speaking at an annual event organised by the National Committee on United States-China Relations - a non-profit group - he also called for improved protection of intellectual property rights and a more open investment climate.
The value of the yuan has been a constant thorn in the side of bilateral relations, with the United States blaming China's currency controls for creating huge international trade imbalances. Beijing has repeatedly vowed to loosen its grip on the yuan but has rejected calls for a faster appreciation, for fear of hurting its vast manufacturing sector.
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