Us-china Relations, Yuan | featured news

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.

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.

China's yuan currency remains "substantially undervalued" and it is in Beijing's own interest to let it appreciate more rapidly to ward off inflation risks, U.S. Treasury Secretary Timothy Geithner said on Wednesday.

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.