Currency exchange deadline issued to China

China has been given a deadline by the US before which it must act on its currency exchange practices.

The Asian country has come under heavy criticism for its currency exchange rules.

China has kept its currency artificially low against the US dollar in a bid to increase business for its own manufacturers.

Now, the AFP has reported that Democratic representative Sander Levin, the chairman on the House Ways and Means Committee, has issued a deadline.

Mr Levin said: "If China does not act and the administration does not respond promptly thereafter, the Congress will act."

He added: "China persists in pursuing discriminatory trade and investment policies that benefit China at the expense of its developed and developing country trading partners."

According to Mr Levin, the Barack Obama administration is insisting that China changes its policy before the next G20 summit.

The summit will take place in Toronto between June 26th and 27th.

Click here to see how much you can save with HiFX's Foreign Exchange services

Posted by Chris Barber