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US and China get no deal on yuan No deal for US-China trade gap
(20 minutes later)
China has promised a more flexible currency policy, US Treasury Secretary Henry Paulson has said in Beijing. China has promised to introduce a more flexible currency policy, but critics say it may not mollify United States firms as it comes with no timetable.
But he failed to agree a timetable that would make China's yuan gain value against the dollar and help close the trade gap between both countries. The US want China to allow the yuan to gain against the dollar to help close the trade gap between the two nations.
In November the US trade deficit with China hit $24.4bn (£12.4bn), and is set to reach a record of $229bn for 2006. US manufacturers say China's currency is kept deliberately weak to boost its exporters, making it hard for US firms to gain market share in the country.
The US-China trade deficit is set to reach a record $229bn (£116bn) in 2006.
Last month the deficit hit $24.4bn.
During a visit to Beijing, US Treasury Secretary Henry Paulson said China and the US would "take measures to address global imbalances through greater national savings in the United States, and to increase consumption and exchange rate flexibility in China".
Chinese officials said the visit of the high-ranking US delegation had helped to "build mutual understanding".Chinese officials said the visit of the high-ranking US delegation had helped to "build mutual understanding".
Vice premier Wu Yi described the talks as useful, but did not comment on the currency issue herself.Vice premier Wu Yi described the talks as useful, but did not comment on the currency issue herself.
Mr Paulson said China and the US would "take measures to address global imbalances through greater national savings in the United States, and to increase consumption and exchange rate flexibility in China".
US manufacturers have complained that China keeps its currency deliberately cheap to boost its export industry, while making it difficult for US firms to gain market share in the country.
China used to have a fixed exchange rate to the dollar, but in July last year allowed the yuan to trade in a very narrow range against the US currency.China used to have a fixed exchange rate to the dollar, but in July last year allowed the yuan to trade in a very narrow range against the US currency.
Strategic economic dialogueStrategic economic dialogue
On the sidelines of the talks, both countries struck a deal that will allow the two top stock markets in the United States, Nasdaq and the New York Stock Exchange, to open offices in China.On the sidelines of the talks, both countries struck a deal that will allow the two top stock markets in the United States, Nasdaq and the New York Stock Exchange, to open offices in China.
Mr Paulson's talks are part of a new bi-annual "strategic economic dialogue" with China.Mr Paulson's talks are part of a new bi-annual "strategic economic dialogue" with China.
The treasury secretary was accompanied by six members of President George Bush's cabinet, and the chairman of the US central bank, Ben Bernanke.The treasury secretary was accompanied by six members of President George Bush's cabinet, and the chairman of the US central bank, Ben Bernanke.