US to create China trade watch task force

02:16 AEDT Wed Jan 11 2012

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President Barack Obama intends to create a task force to monitor and tackle possible trade and other commercial violations by China, the Wall Street Journal reports.

The Enforcement Task Force, despite its generic name, is specifically meant to target Beijing, the newspaper said, citing sources familiar with the matter.

The force will include officials from the Treasury, Commerce and Energy departments, as well as the US Trade Representative's office, according to the report which came as Treasury Secretary Timothy Geithner arrived in Beijing.

The White House had no immediate comment on the report.

Obama will formally announce the launch of the task force during or close to his State of the Union address later this month, the Journal said.

Geithner, whose visit to Beijing is expected to focus on sanctions against Iran, is expected to meet top Chinese leaders including Premier Wen Jiabao on Wednesday, according to the Treasury.

The United States has long argued that China's yuan is significantly undervalued, although it refrains from saying that Beijing manipulates the currency, which could lead to retaliatory action by Congress.

Washington officials argue that Beijing's decision to keep the yuan artificially low fuels a flow of cheap exports that helped send the US trade deficit with China to more than $US270 billion ($A264.20 billion) in 2010.

But China defends its exchange rate regime, saying it is moving gradually to make the yuan more flexible.

Source: http://news.ninemsn.com.au/world/8401100/us-to-create-china-trade-watch-task-force

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