Pressure growing on China to revalue currency

WASHINGTON (AP): Pressure on China to allow its currency to rise in value against the dollar intensified Wednesday with a prominent economist telling Congress that the Obama administration should cite China and four other Asian economies as currency manipulators in a report due in April.

C. Fred Bergsten, head of the Peterson Institute for International Economics, told the House Ways and Means Committee that a successful campaign to pressure Asian nations on the currency issue could create as many as 1.2 million new American jobs.