US Snow urges Beijing to let currency float

US treasury secretary John Snow said Monday that flexible rates are a prerequisite for a functioning financial system and that American firms must not be disadvantaged by China's exchange rate policies.

Source: Financial Times

John Snow, US treasury secretary, yesterday urged China to abandon its fixed currency regime, arguing that a "functioning financial system is one based on flexible exchange rates".

In unexpectedly tough remarks on the eve of a visit to Beijing, Mr Snow said: "We want to be