| China's exchange rate policies not the reason for trading imbalances |
HANOI, Sept 8 (AP) -- China's exchange rate policies are not responsible for the current global trading imbalances, Chinese Finance Minister Jin Renqing said Friday.
"The global imbalance is a more result of globalization and macroeconomic policies taken by each country," Jin said at a press conference at a meeting of Pacific Rim finance ministers.
Jin said the government would continue to reform its exchange rate regime, but added it would happen gradually.
"Reform is beneficial to the economic stability of China and also to this region and the world," he said.
Many of China's trading partners, particularly the U.S., have accused Beijing of keeping the value of the yuan artificially low to make Chinese exports more attractive.
U.S. President George W. Bush is facing increasing domestic pressure to push China to raise the value of its currency to correct a trade deficit that last year reached a record US$202 billion (€158 billion).
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