US Commerce Secretary calls for Chinese to revalue yuan

September 23, 2010 04:10

NEW YORK  — US Commerce Secretary Gary Locke spent Wednesday pushing for Chinese currency changes and a business environment that allows Americans to compete with Chinese companies and invest without hindrance.

Locke spoke Wednesday ahead of an appearance by Chinese Premier Wen Jiabao. Locke described US "concerns about ensuring market based adjustments to exchange rates."

Many in the United States are worried about a US trade deficit with China that jumped to $26.2 billion in June.

Locke spoke of a "worldwide rebalancing" where "America buys a little less and sells a little more to China."

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