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US, China to hold high-level economic talks next month

Officials from the US and China will hold high-level economic talks in Washington early next month, as tensions over debt, exports and the value of the renminbi continue to simmer, AFP reported. The Treasury Department said on Monday that Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner will host Chinese Vice Premier Wang Qishan and State Councilor Dai Dingguo on May 9-10. The US has delayed publishing a report – originally due on April 15 – that accuses China of unfairly keeping the renminbi weak, and could lead to sanctions against Beijing, until after the bilateral meeting. The two sides are also likely to discuss the outlook for US debt, as China urged the US last Tuesday to adopt “responsible measures” after Standard & Poor’s downgraded the outlook on US sovereign debt to negative.

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