China Minister Rejects US Pressure to Revalue

26 de may de 2007

<body><div id="article"><tr><td height="28" valign="middle" width="184"></td><td valign="middle" width="185"></td></tr><h1>China Minister Rejects US Pressure to Revalue</h1><p>May 26 (LPAC) "Any attempt to impose pressure on the RMB [the Chinese currency] for its considerable revaluation cannot help at all, and could probably injure the interests of the two countries and the public," said Chinese Trade Minister Wu Yi at a banquet in Washington May 24, after the conclusion China-US negotiations there. Her comments reflected the general frustration and anger felt by the Chinese delegation to the second session of the US-China Strategic Economic Dialogue. Wu also noted that most economists admit that the exchange rate of the RMB is not the main cause of the U.S. trade deficit.</p><p>"I believe the floating band of the RMB exchange rate will be constantly expanded with market change," Wu said. "China's exchange rate reform will be advanced in an orderly way under the principle of self-initiative, controllability and gradual progress." "In the meantime," she added, "we must take measures to effectively control and duly dispose of risks within the financial system."</p></div></body>