During an official visit to Beijing, U.S. Commerce Secretary Donald Evans encouraged China to adopt a market-driven exchange rate. Many economists believe the change is essential for China to ensure long-term growth, prosperity, and a well-functioning financial system. U.S. industry and labor groups feel that the yuan is artificially low and results in Chinese exports receiving an unfair trade advantage.
See "In China, U.S. official seeks a floating yuan", Associated Press, Reuters, Bloomberg News, International Herald Tribune, January 11, 2005