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Chinese premier refutes US claim of intentional devaluation of Chinese yuan

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littlekracker


March 14, 2010 -
Chinese premier refutes US claim of intentional devaluation of Chinese yuan


Countering claims by United States that China is keeping its currency undervalued in order to boost exports, Chinese Premier Wen Jiabao stated that the country has kept yuan stable in order to help global rebalancing. Jiabao talked about the bitter relations with United States saying that Washington was responsible for soured relations between the two countries.

Countering claims by United States that China is keeping its currency undervalued in order to boost exports, Chinese Premier Wen Jiabao stated that the country has kept yuan stable in order to help global rebalancing.

Defending the move to keep its currency stable, Jiabao added that "First, I think the Chinese yuan is not undervalued.

"Since the outbreak of the global financial crisis, our efforts to keep a stable yuan made an important contribution to global recovery.”

But according to U.S. regulators, yuan is kept 40 percent below its value against the dollar.

Defying his claims, Jiabao stressed that he strongly supports free trade and is against protectionism and currency devaluations to harm the world economy.

China’s success in dealing with global economic crisis
Taking about the country’s recovery from the global financial crisis, he said that it is true that the country’s economy is on the road to recovery.

Jiabao added that China will continue to pursue its “active fiscal policy and appropriately loose monetary policy” to ensure stability and quick turnaround of the economy.

"The responsibility does not lie with the Chinese side, but the United States. With mutual trust both countries can forge ahead, but with mutual suspicion both countries will fall behind." -- Chinese Premier Wen Jiabao

At the same time he expressed concern about the rising inflation, over reliance on stimulus package and loans offered to the businesses, the rich-poor income gap and corruption, as these factors could affect the economy’s stability.

“Should we encounter setbacks in our efforts to this end, much is at stake, and the cost will be too high,” stated Chinese premier.

Washington responsible for strain in relations--Jiabao
Jiabao further talked about the bitter relations with United States saying that Washington was responsible for soured relations between the two countries.

"The responsibility does not lie with the Chinese side, but the United States. With mutual trust both countries can forge ahead, but with mutual suspicion both countries will fall behind," said Jiabao.

It is noteworthy that in January this year, the Obama administration had approved arms sale worth $6.4 billion to Taiwan.

Also, President Barack Obama met Tibet’s exiled leader the Dalai Lama in February and appreciated his “commitment to nonviolence and his pursuit of dialogue with the Chinese government.”

According to Jiabao, both the moves "violated China's sovereignty” leading to “disruption in U.S.-China ties.”

Defending China’s role at Copenhagen
The Chinese premier also defended China’s performance at the climate change summit at Copenhagen in December last year.

Many countries had criticized China for opposing ambitious agreement at the conference.

On being asked why he did not attend meeting by some foreign leaders at the summit, Jiabao added that he was not formally invited.

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