OVERNIGHT MONEY: US officials headed to China for economic talks

“Progress on these issues would help enhance our bilateral economic ties and reduce our bilateral economic tensions,” Baucus and Levin wrote.

"China should adopt additional reforms that will provide American businesses and workers with a level playing field on which to compete," they wrote. 

"Opening China’s market to fair competition will benefit both countries and their citizens."

This summit is expected to be the last for Geithner, Clinton and Kirk, who have said they won't continue in their current slots even if President Obama wins a second term in November. 

Last week, House Ways and Means Chairman Dave Camp (R-Mich.), along with the Republican members of the panel, sent a letter to the Obama administration pressing leaders to address similar concerns, including restarting bilateral investment treaty negotiations.  

During a speech last week, Geithner made another plea to China to let its currency rise, saying that while the Obama administration welcomes recent changes to China's exchange rate system "the Chinese renminbi needs to appreciate further against the dollar."

"While we welcome the reforms to China’s exchange rate system, the process of correcting the misalignment of the exchange rate remains incomplete, and the Chinese currency needs to appreciate further against the dollar and the other major currencies," he said during a speech in San Francisco.

China’s exchange rate has appreciated about 13 percent in the past two years and by nearly 40 percent since 2005. 

The yuan hit a record high on Friday for the second consecutive day.


Real estate: Rep. Elijah Cummings (D-Md.) will speak on the state of housing among American blacks at a public issues forum hosted by the National Association of Real Estate Brokers. He will offer his perspective on home ownership and the foreclosure crisis in African-American communities in the District of Columbia, Maryland and Virginia regions.  He will be joined at the forum by Howard University President Sidney Ribeau and District of Columbia Delegate Eleanor Holmes Norton (D) at Cramton Auditorium at Howard University.

Poverty rates: Rep. Barbara Lee (D-Calif.), co-chairwoman of a congressional anti-poverty caucus, participates in an afternoon conference call on rising U.S. poverty rates. 

Student loans: Sen. Sherrod BrownSherrod Campbell BrownThe Hill's Morning Report — Sponsored by PhRMA — GOP lawmakers race to find an immigration fix Warren to put hold on Trump consumer bureau nominee Stop labeling babies as 'born addicted' — it stigmatizes them and is inaccurate MORE (D-Ohio) will hold a conference call to discuss the legislation that would prevent student loan interest rates from doubling this summer from 3.4 percent to 6.8 percent on July 1. The Senate is expected to consider the bill early next week.


Reaching new highs: The Dow Jones industrial average hits highest mark since 2007. A quick pace of growth in the manufacturing sector provided stocks with a lift. 

Manufacturing expanded last month at the strongest pace since June, according to the Institute for Supply Management. The Dow added 65.69 points to 13,279.32, its highest closing mark since Dec. 28, 2007.


ADP Employment Change: The group measures private-sector employment for the April and is being released two days ahead of the government's report on job growth last month. 

MBA Mortgage Index: The Mortgage Bankers Association releases its weekly report on mortgage application volume. 

Factory Orders: The Commerce Department is releasing data on factory orders that consist of the earlier announced durable goods report plus non-durable goods orders.


— Housing regulator scolds lawmakers over principal reductions letter
— Democrats blast housing regulator for withholding documents on principal reductions
— Gallup: Economic confidence level in April
— Federal Reserve: Debit card swipe fees falling thanks to Durbin amendment
— Rep. Van Hollen: Romney would be hurdle to grand bargain in White House
— US Chamber supports Japan's entry into Asia-Pacific trade deal
— Ryan offers bill to end sequester in bid to stop automatic defense cuts
— White House sets sights on evaders of Iran, Syria sanctions
Manufacturing sector continues its expansion
— White House moves to align US, foreign regulations

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