John Snow, the US Treasury secretary, is spending two days of his Asia tour in Japan and a week in China, confirming that the US has more pressing matters to discuss in China, with the renminbi top of the agenda.
Mr Snow arrives in Shanghai today, heading inland to visit Chengdu before moving on to Beijing. China is hosting the weekend meeting of the Group of 20 just outside its capital, bringing together finance ministers and central bankers from the leading rich nations, the big emerging market countries and oil exporters.
Mr Snow will also meet China's leaders, including Wen Jiabao, the prime minister, and an expected meeting with President Hu Jintao.
In July, China announced a 2 per cent revaluation against the dollar and shifted from a peg against the dollar to a link to a basket of currencies.
This was heralded - in Beijing and Washington - as a shift towards a more market-driven system.
But there has been little movement of the renminbi since.
The Chinese central bank has indicated that the new regime will allow far greater currency flexibility over time.
Mr Snow will have the opportunity to assess the timetable and press for swift follow-up action on the currency.
William Rhodes, chief executive of Citibank, who has acted as an unofficial envoy between Washington and Beijing, said: "John is held in high regard by the Chinese government and if anyone can convince them to move more rapidly on adjusting upwards the exchange rate it is John." - (Financial Times service)
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