03/28/2008 02:43 am ET Updated May 25, 2011

Bush Administration Warns China to Overhaul its Currency System

The US Treasury, in its twice-yearly report to Congress on exchange rates and trade, stopped short of accusing China of currency manipulation but put Beijing on notice that it expected a revaluation within six months.

The report's conclusions risk an angry reaction from the US Congress, which has lost patience with the Treasury's gentle diplomacy on China's exchange rate and favours stronger measures.

Read more on Financial Times

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