Currency, Chinese Currency | featured news

China loosens its currency controls in a move that may spur gains in the value of the yuan. From Monday, the yuan can fluctuate up to 1% in trading against the US dollar from a fixed price set by the central bank, the People's Bank of China said.

The Senate on Tuesday approved a bill aimed at pushing China to let its yuan currency rise in value in the hope of saving American jobs, sending it to the House of Representatives where its fate is uncertain.

U.S. legislation to press China to revalue its currency narrowly cleared a Senate procedural vote before a formal vote later on Thursday but it faced stronger opposition in the House of Representatives.

WASHINGTON (Reuters) - Chinese President Hu Jintao urged an end to a "zero sum" Cold War relationship with the United States and proposed new cooperation, but resisted U.S. arguments about why China should let its currency strengthen.

The United States should use all available tools, including labeling China a currency manipulator, to put pressure on Beijing to raise the value of its yuan, a U.S. watchdog panel said on Wednesday.

Leaders of 20 major economies on Friday refused to back a U.S. push to make China boost its currency's value, keeping alive a dispute that raises fears of a global trade war amid criticism that cheap Chinese exports are costing American jobs.

Concluding that China has little intention of working with the United States on issues like currency, trade and security, the administration is building coalitions to confront China.

The Obama administration backed away on Friday from a showdown with Beijing over the value of China's currency that would have caused new frictions between the world's only superpower and its largest creditor.

China's undervalued yuan is triggering an international currency war that risks undermining the global economic recovery, U.S. Treasury Secretary Timothy Geithner said.

Treasury Secretary Timothy Geithner faces a lonely campaign to make China's currency a major issue at the next Group of 20 summit as would-be allies shrink from confronting Beijing.