China rebuffs pressure on yuan

来源：百度文库 编辑：神马文学网 时间：2024/04/24 20:53:49

China rebuffs pressure on yuan

08:08, September 16, 2010      

Email | Print | Subscribe | Comments | Forum 

Increases the bookmark twitter facebook digg Google Windowslive Delicious buzz friendfeed Linkedin diigo reddit stumbleupon


China Wednesday rejected a charge of manipulating its currency amid what appears to be a fresh mounting wave of pressure from the United States for a stronger yuan before the midterm election in November there.

"It is groundless for the US to criticize China's exchange rate policy simply according to the trade surplus alone," Yao Jian, spokesman with the Ministry of Commerce, said Wednesday at a news conference.

US exports to China have substantially increased in recent years, he said, and US exports to China accounted for 6.8 percent of its total export shipments last year, rising 1.4 percentage points compared with 2008.

Yao's comments came ahead of two days of key US congressional hearings later in the day, launched by the House of Representatives Ways and Means Committee, which will hear testimony from US industry heads, trade experts and Treasury Secretary Timothy Geithner about how to prompt China to let the yuan rise in value, Reuters reported.

Some foreign critics and manufacturers say the Chinese currency is undervalued by as much as 40 percent. They believe China's undervalued currency is an artificial boost for China's export industry.

According to government statistics, China posted a third straight trade surplus of more than $20 billion in August, fueling long-time claims that the yuan is undervalued.

Ahead of the US congressional hearings, the central parity rate of the yuan strengthened to a new record Wednesday at 6.725 per US dollar, according to the data released by the China Foreign Exchange Trading System, and appreciated in value for four consecutive trading days.

"The flexibility of the yuan exchange rate has already increased, and there is little possibility of a sharp appreciation of the yuan," Li Daokui, a member of the Monetary Policy Committee of the People's Bank of China, the central bank, told the Global Times Wednesday on the sidelines of the Summer Davos forum in Tianjin.

"China's exchange rate policies should not change under external pressure," Li noted, adding that the future of the yuan exchange rate rests with the pace of economic adjustments.

The Chinese currency has seen increased volatility since the central bank announced on June 19 this year to increase exchange rate flexibility, according to Li.

Ding Yifan, a researcher at the Development Research Center of the State Council, told the Global Times Wednesday that "Washington's punitive measures against China on the yuan issue would spark a trade war, and the US will be the loser."

By Li Qiaoyi and Guo Qiang, Global Times
【1】 【2】

  • Commerce Ministry: Wrong to accuse yuan

  • Yuan rises help ease China's inflation: Analysts

  • Yuan hits record high against US dollar

  • China's yuan strengthens against U.S. dollar Monday

  • China's yuan strengthens 30 basis points against USD

  • China's yuan strengthens 123 basis points against USD

  • US not to investigate yuan 'manipulation'

  • Cross-border yuan transactions as close to possible as ever

  • Players in Hong Kong exchange told to prep for yuan products

  • Yen pushes 5-year high against yuan

    • China's top political advisor calls for new efforts on economic restructuring, ecological protection

    • Senior Chinese leader urges greater efforts for Xinjiang's leapfrog development

    • 'Legal procedures' must end, China says

    • Premier Wen to meet Obama next week in New York

    • Gates, Buffet: No plan to pressure rich

    • Beijing demands immediate return of captain

    • Students in hot pursuit of sex education

    • UN official lauds China for climate change role

    • Chinese employers face burden of proof in overtime claims

    • Survey shows 91 pct oppose raising retirement age

    • Official: Global economic center shifting to emerging economies

    • IMF advisor: Global financial risk greatly reduced

    • Ministry official: This round of real estate regulation not over

    • IMF's Special Adviser calls for global governance

    • Chinese premier urges Tianjin's Binhai New Area to take lead

    • Hot Forum Dicussion

      • Kan's survival marks a thaw in Sino-Japanese tensions?

      • Poll: How old to retire?

      • India‘s nuclear capable fighters buying, a step to its nuclear triad?

      • Israel to gain Russia's support through military deal?

      • To keep or to remove, that's a question

      • Are Cuba's communist days finally over?

      • Newsreader caught without trousers

    China rebuffs pressure on yuan China ups pressure on Japan in the air China spends 46 mln yuan on preservation of Tibetan monastery China: U.S. bill on yuan would hurt both coun... Geithner talks 'focus on yuan' Chinese brides put pressure on unmarried Egyptian girls yuan yuan yuan China allocates 20 mln yuan to blizzard-hit provinces China not to let yuan gain in short term: experts Yuan rises help ease China's inflation: Analysts China allocates 57b yuan for education in rural areas Foucus On China is launched China, Japan reach consensus on sea issue Impacts on recent China made by Buddhism Netbook runs Debian on China-made CPU China Marks Olympic Anniversary, Reflects on ... China cracks down on Chongqing's gangsters US, China put on smiles after tensions Global poll shows uptick on China China issues white paper on Internet policy China orders curbs on grain price speculation China denies launching cyber attack on US