US pressure on yuan rejected
By Wang Yanlin |
March 17, 2010, Wednesday
|
Print Edition
Print Edition
CHINA won't yield to pressure from the United States for the yuan to rise and will keep its currency stable, said a Ministry of Commerce spokesman yesterday.
Yao Jian said the yuan is not the cause of a trade surplus China has with the US, rebutting the widely held perception in the US.
"If the exchange rate issue is politicized, this will not help the two countries to coordinate our efforts to cope with the global financial crisis," Yao said at a news conference.
His remarks mirrored that of the Chinese central bank vice governor, Su Ning, who said that "a stronger yuan offers no help for solving the Sino-US trade problem and the US should not make a political issue out of the yuan."
They were responding to remarks by US President Barack Obama who urged China to move to a "more market-oriented exchange rate" last week.
Despite the spats over the exchange rate, China remained an attractive destination for foreign investors. Foreign direct investment in China rose for the seventh straight month in February, up 1.08 percent annually to US$5.89 billion, according to the ministry.
China, however, faces some uncertainties this year, said Li Maoyu, an analyst at Changjiang Securities Co.
Premier Wen Jiabao stressed the importance of foreign investment on Sunday, saying the government will "institutionalize arrangements to level the playing field for foreign companies operating in China, and to ensure national treatment to foreign companies in China."
Yao Jian said the yuan is not the cause of a trade surplus China has with the US, rebutting the widely held perception in the US.
"If the exchange rate issue is politicized, this will not help the two countries to coordinate our efforts to cope with the global financial crisis," Yao said at a news conference.
His remarks mirrored that of the Chinese central bank vice governor, Su Ning, who said that "a stronger yuan offers no help for solving the Sino-US trade problem and the US should not make a political issue out of the yuan."
They were responding to remarks by US President Barack Obama who urged China to move to a "more market-oriented exchange rate" last week.
Despite the spats over the exchange rate, China remained an attractive destination for foreign investors. Foreign direct investment in China rose for the seventh straight month in February, up 1.08 percent annually to US$5.89 billion, according to the ministry.
China, however, faces some uncertainties this year, said Li Maoyu, an analyst at Changjiang Securities Co.
Premier Wen Jiabao stressed the importance of foreign investment on Sunday, saying the government will "institutionalize arrangements to level the playing field for foreign companies operating in China, and to ensure national treatment to foreign companies in China."
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