中國否認美國指控其操作匯率 - 理財

China rejects US charges of currency manipulation
Business News

Jan 25, 2009, 2:32 GMT

Beijing - China's central bank rejected allegations by a senior US official
that China is manipulating the exchange rates of its currency, state-run media
reported Sunday.

Su Ning, vice governor of the People's Bank of China, said the allegation
could sidetrack efforts to track the real cause of the financial crisis, Xin-
hua news agency reported.

'Also, we should avoid any excuse that might lead to the revitalization of
trade protectionism. Because it will do no good to the fight against the
crisis, nor will it help the healthy and stable development of the global
economy,' Su said.

US Treasury Secretary-designate Timothy Geithner made the charge to the Senate
Finance Committee last week. 'President Obama, backed by the conclusions of a
broad range of economists, believes that China is manipulating its currency,'
he wrote, in documents released Thursday.

Yi Xianrong, a researcher with the financial research center of the CASS,
told Xinhua on Friday if the US labeled China a 'currency manipulator', it
would hurt the concerted action of fighting the global financial crisis.

It would also hamper the global efforts to shake off an economic slowdown
as Sino-US economic ties had become among the world's most important
relationships, Yi said.

According to China customs statistics, Sino-US trade hit 333.74 billion
dollars in 2008, up 10.5 percent year on year.

With a 9-per cent growth rate, China contributed more than 20 percent of
global economic growth in 2008, while the US remained the world's largest
economy, Yi said.

Geithner's comments were aimed at testing the Chinese government's
response, Zuo Xiaolei, senior analyst with the Beijing-based Galaxy
Securities, told Xinhua.

Yuan appreciation and the pace of appreciation should not only be decided
by trade surplus but also the status of domestic economic development, Zuo
said.

'The price advantage of Chinese exports may not be a result of currency
issues, but the country's lower costs of labor, resources and land,' she said.

In July 2005, China abandoned a decade-old peg to the US dollar and allowed
its currency to appreciate by 2.1 percent. Since then, the yuan has
strengthened further, rising more than 20 percent against the greenback.

--