China's exchange rate policy not violate WTO: US trade representative

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Last updated at: (Beijing Time) Thursday, February 26, 2004

China's exchange rate policy not violate WTO: US trade representative

China's exchange rate policy doesnot violate the rules of the World Trade Organization (WTO), US Trade Representative Robert Zoellick said Wednesday.

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China's exchange rate policy doesnot violate the rules of the World Trade Organization (WTO), US Trade Representative Robert Zoellick said Wednesday.

"There's really no WTO obligation not to have a fixed exchange rate," Zoellick told reporters before giving a speech to the Asia Society.

Zoellick said he did not think China's pegged exchange rate violates the WTO.

"You will recall the United States had a fixed exchange rate until 1971, when we were a member of the GATT," Zoellick said. TheGATT was the predecessor organization to the WHO.

The National Association of Manufacturers and other members of the Fair Currency Alliance plan to file a "section 301" petition in coming weeks to ask Zoellick's office to investigate whether a case could be brought against China's currency practices at the WTO.

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