Bush urges China float its currency

US president George W Bush reiterated today that China should allow its currency to float in order to have fair trade with the…

US president George W Bush reiterated today that China should allow its currency to float in order to have fair trade with the United States.

The US trade deficit with China for February was $13.9 billion. Washington has been pressing China to adopt a more flexible currency to little avail.

Bush, talking to the American Society of Newspaper Editors, said China should be "floating her currency so we can have free and fair trade."

He also said China's growing economy was partly to blame for rising gasoline prices in the United States.

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"My view of China is that it's a great nation that's growing like mad. That's one of the reasons why Americans are seeing over $2 gallon, because demand for energy in China is huge. And supply around the world hasn't kept up with the increase in demand," he said.