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Yuan potshots called 'unwise'
Source: Agencies |
September 22, 2010, Wednesday
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Print Edition
Print Edition
IT is not wise for the United States to point its finger at the yuan's exchange rate and demand appreciation, the Chinese foreign ministry said yesterday.
"Recently, there are some discordant voices in the US criticizing the yuan exchange rate, and saying it (the US) would adopt any possible means to press for yuan appreciation. It is unwise and also near-sighted," the ministry said on its website.
"The trade imbalance between China and the US is not decided by exchange rate but by globalization. Yuan appreciation can not solve the US trade deficit, on which the Americans have also reached consensus," it said.
The yuan yesterday rose for the ninth straight day and broke the important level of 6.70 per dollar for the first time since its revaluation in 2005, following criticism from US President Barack Obama about China's currency policy.
Obama said on Monday that China has not done enough to raise the value of the yuan.
The US, a major currency issuer, should instead focus on its own economic recovery and put its fiscal house in order to help maintain stability of its own currency, the foreign ministry said. China has been trying to boost its imports from the United States, but the latter must relax its restrictions on high-tech sales to China, it said.
The government's policy to boost domestic demand to reduce the economy's reliance on exports were working, the ministry added.
The ministry said that domestic expectations for yuan appreciation were not strong, and asserted that a stronger currency would do little to resolve the Sino-US bilateral trade imbalance.
"Recently, there are some discordant voices in the US criticizing the yuan exchange rate, and saying it (the US) would adopt any possible means to press for yuan appreciation. It is unwise and also near-sighted," the ministry said on its website.
"The trade imbalance between China and the US is not decided by exchange rate but by globalization. Yuan appreciation can not solve the US trade deficit, on which the Americans have also reached consensus," it said.
The yuan yesterday rose for the ninth straight day and broke the important level of 6.70 per dollar for the first time since its revaluation in 2005, following criticism from US President Barack Obama about China's currency policy.
Obama said on Monday that China has not done enough to raise the value of the yuan.
The US, a major currency issuer, should instead focus on its own economic recovery and put its fiscal house in order to help maintain stability of its own currency, the foreign ministry said. China has been trying to boost its imports from the United States, but the latter must relax its restrictions on high-tech sales to China, it said.
The government's policy to boost domestic demand to reduce the economy's reliance on exports were working, the ministry added.
The ministry said that domestic expectations for yuan appreciation were not strong, and asserted that a stronger currency would do little to resolve the Sino-US bilateral trade imbalance.
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