U.S. Treasury Secretary Timothy Geithner sharpened his criticism of China's exchange ratepolicies, saying the yuan was strengthening too slowly and that he will look for new ways to get Beijing to move faster.
In testimony released on Wednesday and prepared for U.S. lawmakers considering a tough new trade law, Geithner called on China to allow "significant, sustained appreciation over time" and for the yuan to "fully reflect market forces."
"We are concerned, as are many of China's trading partners, that the pace of appreciation has been too slow and the extent of appreciation too limited," Geithner said in remarks to the U.S. Senate Banking Committee to be delivered on Thursday.
"We will take China's actions into account as we prepare the next Foreign Exchange Report, and we are examining the important question of what mix of tools, those available to the United States and multilateral approaches, might help encourage the Chinese authorities to move more quickly."
Geithner's testimony comes amid a rising chorus of support from U.S. lawmakers and industry groups for punitive action, including a bill that would slap duties on Chinese imports to force Beijing to let the yuan rise.
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