Independent-minded on yuan value
By Wang Yanlin |
May 18, 2010, Tuesday
|
Print Edition
Print Edition
CHINA will decide independently on its exchange-rate policy, and a stronger yuan against the euro has already hurt Chinese exporters, said Yao Jian, a spokesman for the Ministry of Commerce.
"China will decide on the policies toward the yuan based on its own needs and assessment of the domestic and global economies. China's exchange-rate policy is its own business and should not be politicized," Yao said yesterday in Beijing.
"Yuan appreciation is not the way to rebalance the global economy," he said.
Yao also expressed concerns over the impact of a weaker euro on China's exports to the European Union.
"The yuan has risen about 14.5 percent against the euro during the past four months, which will increase costs for Chinese exporters and also have a negative impact on China's exports to Europe," Yao said.
The yuan hit its strongest level against the euro since late 2002 yesterday as the euro fell against the US dollar globally. The yuan was at 8.38 against the euro yesterday, versus Friday's close of 8.53.
The United States has threatened to label China a currency manipulator and to impose trade sanctions.
China posted its first trade deficit in nearly six years in March due to faster growth in imports than exports. It returned to a trade surplus of only US$1.68 billion last month, a plunge of 87 percent from a year earlier.
Yao projected China's trade surplus this year would drop "tremendously" based on this trend. "This reflects a greater balance in international balance of payments," he said.
"China will decide on the policies toward the yuan based on its own needs and assessment of the domestic and global economies. China's exchange-rate policy is its own business and should not be politicized," Yao said yesterday in Beijing.
"Yuan appreciation is not the way to rebalance the global economy," he said.
Yao also expressed concerns over the impact of a weaker euro on China's exports to the European Union.
"The yuan has risen about 14.5 percent against the euro during the past four months, which will increase costs for Chinese exporters and also have a negative impact on China's exports to Europe," Yao said.
The yuan hit its strongest level against the euro since late 2002 yesterday as the euro fell against the US dollar globally. The yuan was at 8.38 against the euro yesterday, versus Friday's close of 8.53.
The United States has threatened to label China a currency manipulator and to impose trade sanctions.
China posted its first trade deficit in nearly six years in March due to faster growth in imports than exports. It returned to a trade surplus of only US$1.68 billion last month, a plunge of 87 percent from a year earlier.
Yao projected China's trade surplus this year would drop "tremendously" based on this trend. "This reflects a greater balance in international balance of payments," he said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
