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Treasury Secretary John Snow on Tuesday praised China and the Chicago Mercantile Exchange on their foreign exchange agreement. China holds a significant and growing place in the international trading system and so it is appropriate that China acquire the financial and economic tools available commensurate with its size and presence in the markets, Snow said. Today's announcement of a memorandum of understanding between China and the CME to further develop a currency derivatives market is certainly is a step in the right direction.
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