China not keen on yuan talks at G20

08:27, June 25, 2010      

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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


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