US President George W. Bush pressed Chinese Vice-Premier Wu Yi on the need for more rapid appreciation of the renminbi during top-level bilateral trade talks in Washington, the Financial Times reported. Following limited results during the Strategic Economic Dialogue this week, the president also called on China to open up its financial sector. In a move that may have been aimed at softening opposition among US legislators, Chinese companies entered into contracts worth US$32.6 billion during a massive procurement and investment mission that touched 24 states. However, bilateral economic tensions continued as Assistant Finance Minister Zhu Guangyau asked Congress to "bear in mind the overall interests of the US" when considering possible legislation on trade with China, pointing to the US decision to bring an intellectual property case at the World Trade Organization which Zhu said was not good for cooperation.
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