US Treasury Secretary Henry Paulson said he is pressing China to implement currency reforms more quickly, aiming towards a free-floating yuan. Paulson was testifying before the Senate Banking Committee who questioned the Treasury's decision not to label China a currency manipulator in a report to Congress in December. "China does not yet have the currency policy that we want it to have and that it needs. The international community will run out of patience with China unless the pace of its reform accelerates," Paulson said, according to the Wall Street Journal. The senators said China's currency policy unfairly contributes to US trade deficits and serious job losses in US manufacturing.
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