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Looking at the documentation for System_printf (http://rtsc.eclipse.org/cdoc-tip/xdc/runtime/System.html#printf), it looks like the precision specifier is not support for "%f" conversion specifier. If code size is not a problem then you can try the following workaround:
float val = 1.234556f;
char buf[10]; /* Big enough buffer to hold digits
before and after decimal point
including decimal point */
char *bufPtr;
System_snprintf(buf, sizeof(buf), "%f", val);
bufPtr = strchr(buf, '.'); /* Find decimal point index */
bufPtr[3] = '\0'; /* Discard all but first 2 digits after decimal point */
System_printf("Val: %s\n", buf);
