Earth Science News  





.
TRADE WARS
Rate of yuan not 'magic remedy' for US trade deficit: China

by Staff Writers
 Beijing (AFP) June 17, 2008
 China said Tuesday the exchange rate of its currency was not a "magic remedy" that could resolve the US trade deficit, in a dig at accusations it keeps the yuan undervalued to support its exports.

"The rate of exchange of the yuan is not the main reason for the US trade deficit, and it is not a magic remedy to resolve the problem of the trade deficit," foreign ministry spokeswoman Jiang Yu told reporters.

Her remarks came ahead of the June 17-18 meeting of the high-level US-China Strategic Economic Dialogue, which is expected to touch on rising inflation and the thorny issue of the Chinese yuan.

The largest US trade deficit is with China, a politically sensitive issue as critics in Washington accuse Beijing of keeping its currency undervalued to support exports.

Jiang said China would continue to steadily promote the reform of the yuan exchange rate mechanism.

China abandoned a currency peg in July 2005, and since then it has appreciated 17.5 percent against the dollar, but the United States argues this is not enough.

But Jiang said China was considering US concerns about the impact of the yuan on its trade deficit.

"China is seriously considering the concerns of the US side, and we are ready to make joint efforts with the US to promote mutually beneficial trade between the two people," she said.

Community
 Email This Article
 Comment On This Article
Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
 Global Trade News


TRADE WARS
WTO members want more transparency in China trade policies
 Geneva (AFP) May 23, 2008
 China should enhance the transparency of its domestic regulations and standards, according to World Trade Organisation member states after a review Friday of Beijing's trade policies.
.
Get Our Free Newsletters Via Email
  



DISASTER MANAGEMENT
  • NASA Data Helps Pinpoint Impacted Populations In Disaster Aftermath
  • Japan troops search mud as quake toll hits 10
  • Exercise For Rapid Disaster Relief With Space-Based Technologies
  • Cyclone dead wash ashore on distant Myanmar beach: official

    • CLIMATE SCIENCE
  • US envoy says no 'G8 solution' to climate change
  • China biggest CO2 emitter last year: Dutch agency
  • UN climate chief spurs talks on new global warming pact
  • Has Global Warming Research Misinterpreted Cloud Behavior

    • EARTH OBSERVATION
  • NMSU Uses Information Collected In Space To Help Those On The Ground
  • Aster Images Sichuan Earthquake In China
  • Japanese astronaut says Earth is 'beautiful'
  • Northrop Grumman To Modify CERES Sensor For NPOESS Prep Mission To Improve Climate Data Payload

    • ENERGY TECH
  • Sakhalin II Operator Secures Project Financing
  • Japan PM says 'strong likelihood' of resolving China gas dispute
  • Oil Has Grounded Airlines
  • Gazprom To Invest Up To 420 billion Dollars In Projects By 2020

    • EPIDEMICS
  • Wet Or Dry, Montana Still Threatened By West Nile
  • Hong Kong traders may have ignored bird flu warning signs: govt
  • Hong Kong culls all live poultry in markets after bird flu outbreak
  • New bird flu dangers investigated

    • FLORA AND FAUNA
  • Scientists Confirm That Parts Of Earliest Genetic Material May Have Come From The Stars
  • Taking The Temperature Of The No-Fly Zone
  • Woolly-Mammoth Gene Study Changes Extinction Theory
  • Fossils Found In Tibet By FSU Geologist Revise History Of Elevation And Climate

    • FROTH AND BUBBLE
  • First army-controlled dump opens in Naples region
  • Persistent Man-Made Chemical Pollutants Found In Deep-Sea Octopods And Squids
  • Czech watchdog highlights risk from ageing missiles
  • Naples 'submerged' under rubbish despite Berlusconi visit: paper

    • ABOUT US
  • Brain Scans Reveal What's Behind The Aversion To Loss Of Possessions
  • Origins Of The Brain
  • Human Mobility Is Not A Random Event
  • 112 candles for Europe's oldest man

    • The content herein, unless otherwise known to be public domain, are Copyright 1995-2007 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement