(Reuters)
Updated: 2007-05-23 09:43

U.S. and Chinese officials had a "direct exchange of views" on the valuation of the yuan currency on Tuesday, with the U.S. side saying China still needed to allow the yuan to appreciate more rapidly, a senior Bush administration official said.

The official, speaking on background to reporters after the first day of high-level U.S.-China economic talks in Washington, declined to say whether the discussions led to any movement.

"There was a direct exchange of views on our side and their side," the official said, adding that he would let Treasury Secretary Henry Paulson and other cabinet members describe the discussion more fully on Wednesday.

"We are continuing to push every way we can for faster appreciation. It's our view that appreciation is going too slowly. both as far as their benefits are concerned and as far as our benefits are concerned."

U.S. Labor Secretary Elaine Chao said earlier that Paulson and Chinese Vice Premier Wu Yi held a discussion "late into the evening" on Monday regarding the currency valuation, but added that she would prefer to let Paulson discuss the issue further.