US presses China on yuan reform

As the Bush administration again presses Beijing to allow the yuan to rise against the dollar, Treasury Secretary John Snow has invited Chinese Finance Minister Jin Renqing to meet during a September 23-24 Washington gathering of senior economic officials from the Group of Seven major industrialized nations, The Wall Street Journal reported. China has indicated it plans to attend, but has not formally accepted. The Treasury Department is due to release on Oct 15 a biannual report to Congress on international currencies; Snow, who is scheduled to visit China mid-October, has said unless Beijing implements significant reforms, the fall report would "likely" cite China as a currency manipulator.