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China central bank refutes currency manipulation allegation

CHINA'S central disproved today the allegations by a US Treasury official that China is manipulating the exchange rates of its currency, saying the statement is untrue and misleading.

Su Ning, vice governor of the People's Bank of China, said that the allegation could sidetrack the effort to track the real cause of the financial crisis.

"President Obama -- backed by the conclusions of a broad range of economists -- believes that China is manipulating its currency," the US Treasury Secretary-designate Timothy Geithner wrote to the Senate Finance Committee in documents released on Thursday.

"Also, we should avoid any excuse that might lead to the revitalization of trade protectionism. Because it will do no good to the fight against the crisis, nor will it help the healthy and stable development of the global economy," Su said.


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