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Time for China to revalue yuan-US Treasury official

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Time for China to revalue yuan-US Treasury official

WASHINGTON, March 16 (Reuters) - The U.S. Treasury Department shares U.S. lawmakers' concerns about China's exchange rate practices and believes it is time for China to again begin raising the value of its yuan, a Treasury Department official said on Tuesday.

'We too have serious concerns about China's exchange rate policy. The rebound of China's economic growth and exports and their continued large-scale reserve accumulation indicate clearly that China should resume appreciation of the RMB,' or yuan, a Treasury official said, speaking on condition of anonymity.

The official was reacting to a bipartisan Senate bill introduced on Tuesday to prod China on the currency front.

'As the president said last week, a more market-oriented exchange rate will make an essential contribution to a stronger, more balanced global economy that is essential to ensure a durable recovery for American businesses and workers,' the official added.

((Reporting by Doug Palmer; Editing by Gary Crosse))

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