表扬稿表扬同学:China's President Rejects Yuan Appreciation Pressure

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Chinese President Hu Jintao called on global leaders to stop pushing for appreciation of emerging market , in some of the strongest language yet from China on the issue of exchange rates.
'To keep asking emerging markets to revalue their currencies and reduce exports will not lead to balanced growth. On the contrary, it would only plunge the global economy into a 'balanced recession,' and make sustainable growth impossible,' Hu said in a speech at the Group of 20 industrial and developing nations in Cannes, France.
Separately, Chinese Commerce Minister Chen Deming told reporters on the sidelines of the summit that he believes the yuan has already appreciated to a reasonable level.
Chen noted the yuan has risen around 30% against the U.S. dollar since 2005, and China's external surpluses are declining as a percent of its gross domestic product.
The rejection of demands for appreciation by Chinese leaders stands in contrast to a draft G-20 resolution seen by Dow Jones Newswires, which calls for currency exchange rates to move 'more rapidly' towards a market-based system.
'We affirm our commitment to move more rapidly towards more market determined exchange rate systems and enhance exchange rate flexibility to reflect
underlying fundamentals and refrain from competitive devaluation of currencies,' the draft said.
But Chinese leaders may draw a distinction between yuan appreciation and yuan flexibility, as they argue that market pressures may move the currency in both directions.
Indeed, Chen said that selling pressure on the yuan that emerged in September shows the market perception of the currency is starting to change.
In the G-20 draft, nations with large current account surpluses, including China, Germany and Japan pledged to boost private consumption.
Chen said that China will focus on expanding imports from Europe as a way to aid the continent's economy.
Maintaining strong economic growth must be the top priority for global leaders, Hu said in his speech Thursday, the text of which was distributed by the Chinese delegation at the G-20 summit.
Hu added that maintaining China's domestic growth will be beneficial to the global economy.
Hu also called for expanded use of the International Monetary Fund's special drawing rights, and for reform of the basket of currencies that make up the synthetic currency.
Aaron Back