Snow says US making progress on China peg

US Treasury Secretary John Snow told Congress on Thursday 25 March that the Bush administration thinks it's making progress in efforts to get China to stop pegging its currency to the U.S. dollar.

``China agrees that it needs a flexible (currency exchange) rate and we are making a lot of progress in that direction,'' Snow, in testimony before the House Financial Services Committee, said of a practice that American manufacturers say has given China a huge trade advantage.

Snow said that he would

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