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WASHINGTON (AP) - The Bush administration warned China on Wednesday that it must do more to allow its currency's value to be set by market forces.
Treasury Undersecretary Timothy Adams told a congressional committee that getting China to move toward a more flexible exchange rate system remained his department's No. 1 priority and the Chinese have failed to do enough since announcing last summer a small revaluation of the currency.
"To date, China's progress has been far too cautious," Adams said in testimony to the Senate Finance Committee. "China could easily move more rapidly towards greater flexibility. It should do so now."
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