China鈥檚 currency policy must remain 鈥榟ands on鈥
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CHINA’S finance minister yesterday defended the country’s currency policy, saying it was hard to take a hands-off approach when it came to the yuan, given an unsteady economy and abnormal capital inflows.
Speaking on the first day of annual high-level talks between China and the United States, Lou Jiwei said Beijing also faced challenges in managing “hot money” inflows resulting from the winding down of super-loose US monetary policy.
“The US side has constantly raised the issue of whether intervention is no longer needed in our foreign exchange policy,” the minister told a press briefing.
“But we say it’s difficult when the economy has yet to fully recover, and cross-border capital flows are not normal.”
The value of the yuan has been a thorny issue in bilateral ties between the world’s two biggest economies, with US leaders saying China suppresses its currency to boost its exports. China has always denied such accusations.
On the health of China’s economy, Lou said the days when the nation contributed to nearly half of global economic growth were over.
While China aims to grow its economy by about 7.5 percent this year, he reiterated the government’s stance that the target is flexible and did not represent a minimum expansion rate that must be met.
“The 7.5 percent growth target is not the lower limit,” he said.
As such, he said he hoped US authorities do their part to keep the US economy growing at a steady clip, and that Washington should be mindful of the spillover effects of its ultra-loose monetary policy.
“We look to the United States as the key for promoting global economic recovery,” he said.
“We hope the US side can take effective measures to maintain good growth momentum.”
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