China FM says committed to exchange rate reform

Reuters, Tuesday 18 Jan 2011

China which is accused over manipulating its currency, is committed to reforming its exchange rate policy

Yuan depreciation is giving China an unfair advantage in global trade
Yuan depreciation is giving China an unfair advantage in global trade. (Photo: Reuters)

China is committed to reforming its exchange rate policy, the Foreign Ministry said on Tuesday, after senior U.S. senators pressed for Congress to get tough with China over "manipulating" its currency.

A group of U.S. senators said on Monday it was vital for the United States to pass legislation to punish China if it fails to allow its currency to rise in value rather than manage its rate, giving it an unfair advantage in global trade.

Chinese Foreign Ministry spokesman Hong Lei told a regular news briefing ahead of President Hu Jintao's visit to Washington that China hopes U.S. lawmakers avoid harming the overall interests of Sino-U.S. trade.

The Foreign Ministry has no say in decisions on China's currency policy.

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