US finance chief to raise China currency on Asia trip

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US Treasury Secretary Jack Lew will raise concerns about China’s trade policies and seek headway on an Asian trade pact during a visit next week.

Lew will start a trip Tuesday to Japan then visit three other countries in the Trans-Pacific Partnership negotiations – Singapore, Malaysia and Vietnam – before talks Friday in Beijing, the Treasury Department said on Friday.

“In China, he will discuss progress on the reform agenda and efforts to level the playing field for US workers and business,” a Treasury Department statement said.

Lew will also speak with China about enforcement of sanctions on Iran and North Korea over their disputed nuclear programs, it said.

The Treasury Department last week charged that China’s yuan currency remains undervalued, which gives the manufacturing superpower a trade advantage.

But the Treasury stopped short of branding China a currency manipulator, a designation that could trigger sanctions.

President Barack Obama’s administration has preferred quiet diplomacy with China and the yuan has gradually been rising, largely in response to inflationary concerns.

But in recent months, the Obama administration has been vocal in pressing China to crack down on theft of intellectual property, which a report this year said was costing US industry billions of dollars a year.

The United States has generally supported an aggressive push by Japanese Prime Minister Shinzo Abe to boost the world’s third-largest economy, although US lawmakers have also voiced concern about the depreciation of the yen.

Abe has brushed aside concerns by Japanese farmers to enter talks on the Trans-Pacific Partnership, a US-driven effort to create a vast free-trade zone.

The pact would bring together the economies of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

The countries, which account for more than one-third of the global economy, have called for an agreement by the end of the year but several officials have admitted publicly that the goal is unrealistic.

 

 

 

Source : Channel News Asia | November 9, 2013

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About thomasdinnocenzi

Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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