UPDATE 1-US, China need work together on currency- Baucus

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WASHINGTON, Oct 13 (BestGrowthStock) – A top U.S. senator said on
Wednesday he pressed China to allow its currency to rise more
quickly in value, but added both countries needed to work
together on that and other concerns to strengthen ties.

“A stronger relationship between the United States and
China will create both American and Chinese jobs,” Senate
Finance Committee Chairman Max Baucus said in a statement
following meetings on Tuesday with Chinese Vice Premier Wang
Qishan and Foreign Minister Yang Jiechi.

Baucus stressed the need for Chinese action on a number of
fronts, but also said cooperation was needed between the United
States and one of its biggest export markets.

The Senate Finance Committee has jurisdication over trade
issues, and Baucus’ tough-but-concilatory tone follows a vote
in the House of Representatives threatening China with punitive
duties on some exports to the United States if its currency
does not rise significantly in value.

It also comes just a few days before the Treasury
Department must decide in a semi-annual report on exchange
rates practices whether to formally label China a currency
manipulator — a step that would rile Beijing, which says its
currency practices are internal matter.

As of noon on Wednesday, U.S. Treasury officials have
declined to say whether the report, due Friday, will be
released on time.

Baucus said in his meeting with Wang he stressed the need
for China to allow its currency to appreciate more quickly and
pushed for a timeline on meaningful currency appreciation.

“We want to strengthen our relationship, but to do so means
addressing critical issues, including China’s currency
practices, ineffective protection of intellectual property
rights, policies that foster Chinese innovation at our expense
and unjustified restrictions on U.S. beef.

“We need to face these issues head on, and we need to work
together to increase our ties in ways that create American jobs
and increase American exports. This trip is all about finding
solutions to these very real concerns,” Baucus said.

Baucus said he urged Wang to present a plan to phase out
discriminatory indigenous innovation policies that require
foreign companies to transfer technology or make other
intellectual property concessions.
(Reporting by Doug Palmer; Editing by Doina Chiacu)

UPDATE 1-US, China need work together on currency- Baucus