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China minister says yuan set by need for stability

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China minister says yuan set by need for stability

* Reuters, Friday April 23 2010

* Commerce minister says economy must "stabilise first"
* Denies China manipulating yuan
By Tim Cocks
MONROVIA, April 23 (Reuters) - China's decision on whether or not to revalue the yuan will be determined by its own economic situation and the need for stability, not politics, Vice Commerce Minister Fu Ziying told Reuters on Friday.
Beijing has pegged its currency against the dollar for the last 21 months, despite criticism from Washington and elsewhere that it is holding down its appreciation in order to boost its exports.
"China must do things according to its own economic situation, its own road map. The financial crisis has brought up lots of uncertainties for the Chinese economy so we have to stabilise first," Fu told Reuters while on a trip to Liberia.
Markets are expecting some move on the peg but the timing and form of the change are unknown.
"It's a hot topic that has been over hyped," Fu told journalists earlier. "I don't know since when many congressmen have all become experts on this issue ... Our friends should not be led by the nose by politicians and congressmen."
China is under mounting international pressure to let the yuan resume its appreciation against the dollar after a pause of close to two years. U.S. Congress members are pressing for legislation to allow retaliatory duties on imports from China if Beijing fails to alter its currency policy.
Western leaders complain the currency is undervalued, giving China an unfair edge in export markets and skewing global trade. Fu dismissed this as scapegoating and said China was in no position to manipulate the yuan like this.
"I don't think it's possible for us to manipulate our currency to achieve our economic development while resolving the trade imbalances of other countries," he said.
Raising the value of the yuan would cut the cost of China's imports of dollar-denominated commodities such as oil, copper and iron ore, but would make Chinese exports dearer.


I just want to say "I HATE CHINA! " now i feel better! Evil or Very Mad


Flattire wrote:I just want to say "I HATE CHINA! " now i feel better! Evil or Very Mad

Really?......Iraq SUCKS!!!!!!......if'n ya dislike China.....BOYCOTT Walmart!

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