China won’t address Yuan undervaluation in U.S push to correct trade imbalance- Business News- World

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A senior Chinese central bank official held out little prospect of a more rapid appreciation of the Chinese currency against the U.S. dollar to address a persistent trade imbalance between the countries, despite mounting frustration in Washington.

However, Hu Xiaolian, a deputy governor of the People’s Bank of China, said that China will continue to ease controls on the use of the yuan, and will consider allowing companies to use the currency for cross-border investment as a next step