Senators optimistic on currency reforms

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BEIJING, March 24 (UPI) -- Two U.S. senators leading an effort to force trade and currency "concessions" from China said Thursday they are optimistic about China's currency reform.

Charles E. Schumer, a New York Democrat, and Lindsey Graham, a South Carolina Republican, are visiting China to discuss with top officials the issues of trade, currency and intellectual property rights, Xinhua reported.

"We have seen that the Chinese government and the Chinese people actually have a convergence with the American people on currency," Schumer said Thursday in Beijing after meeting Chinese Vice Premier Wu Yi, Central Bank Governor Zhou Xiaochuan and Minister of Commerce Bo Xilai.

The two senators said they are pleased to see a passage about currency reform in China's 11th five-year plan text indicating that China will improve the system of managed floating foreign currency exchange rates.

Also in the 11th five-year plan, the senators noticed that China has changed its economic policy to emphasize domestic consumption.