Cheney urges renminbi float

US Vice-President Dick Cheney urged China to relax government controls on the renminbi during a meeting in Beijing. Cheney met President Hu Jintao, Premier Wen Jiabao and military head Jiang Zemin on the Beijing leg of his three-day visit to China. Cheney repeated the Bush administration's preference for a flexible, market-based renminbi exchange rate. The US and other developed countries claim the renminbi is undervalued by 40%, providing an unfair competitive edge for Chinese exporters in global trade.