China not keen on yuan talks at G20

08:27, June 25, 2010      

Email | Print | Subscribe | Comments | Forum 

Regarding Washington's intention of pushing China over the yuan issue during the G20 summit in Toronto, Beijing said Thursday that such a move would not produce any positive results.

"We believe the appreciation of the yuan cannot bring balanced trade and cannot help the US solve its problems of unemployment, over-consumption and low savings," said Qin Gang, spokesman of China's Ministry of Foreign Affairs. "We hope the US can reflect on the problems of its own economic structure instead of playing blame games and imposing pressure on others."

Qin was responding to questions concerning recent remarks by US Secretary of Commerce Gary Faye Locke, who said that US President Barack Obama would raise the yuan issue with Chinese officials at the G20 summit.

"We hope the US can work with us … to promote our economic relations in a balanced way," he said. "Monotonously pressuring China or resorting to trade protectionism would be unreasonable and bring benefit to no one."

Locke's words came after US lawmakers pushed legislation Wednesday that they said would treat currency manipulation as an illegal subsidy and enable US authorities to impose tariffs on Chinese goods.

They claimed the yuan is still undervalued, despite a pledge by Beijing to relax controls on the currency.

Zhou Shijian, a senior research fellow at the Center for US-China Relations at Tsinghua University, said the new policies by the People's Bank of China (PBC) have been misinterpreted by some US officials.

"The PBC's announcements on June 19 and 20 are aimed at making the yuan market-based, not about currency appreciation," Zhou said. "Some US officials judged the new policies from a US perspective, without considering the impact of the yuan's rise on China's exports."

He Weiwen, managing director of the China Society for WTO Studies, said that the G20 summit will feature more important talks on the US' debt and European economic conditions.

"China has made a commitment to the yuan issue, now G20 members want to see some actions from the US and Europe on their own problems," He said.

Source: Global Times

(Editor:黄硕)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • A man visits "Thy Word Is Truth, the Bible Ministry Exhibition of the Protestant Church in China", during its opening at Mount Vernon Place United Methodist Church in Washington DC, capital of the United States, Sept. 28, 2011. Through the Bible's various Chinese versions, ancient or modern, as well as pictures, paintings, calligraphy, art works and historical documents, the exhibition was expected to give an overall understanding of how Bible was brought into China, how it was translated, published, distributed and loved. (Xinhua/Zhang Jun)
  • A visitor passes by in the exhibition of Istanbul design week on Sept. 28, 2011 in Istanbul, Turkey. Istanbul design week will be hosting designers and design exhibitions from around the world in Istanbul from Sept 28 to Oct 2 with the participation of 25 countries. (Xinhua/Ma yan)
  • Red flag flies at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 28, 2011. A spokesperson with China's manned space program said Wednesday that fuel has been injected into the Long March-2FT1 carrier rocket in preparation for launching the Tiangong-1 space module Thursday evening as planned. (Xinhua/Wang Jianmin)
  • A militant loyal to the Libyan National Transitional Council (NTC) waves in a tank near Bani Walid, one of the pro-Muammar Gaddafi strongholds, on Sept. 28, 2011. (Xinhua/Hamza Turkia)
  • Jewish worshippers pray at the Western Wall, Judaism's holiest prayer site, in Jerusalem's Old City on Sept. 28, 2011, ahead of Rosh Hashanah, the two-day Jewish new year which will begin at sunset on Sept. 28 and conclude at nightfall on Sept. 30. (Xinhua/Muammar Awad)
  • High school student Johanna Choapa is helped by her father after announcing the end of hunger strike in Santiago, capital of Chile, on Sept. 28, 2011. The end of the strike took place to make way for a dialogue with the government, seeking to resolve the four-month crisis in the education sector. (Xinhua/Jorge Villegas)
Hot Forum Discussion