Posted by: mulrickillion | November 15, 2011

Experts: Pushing for yuan rise will not help US economy

By Zhang Yuwei, China Daily, 2011-11-15 —

HONOLULU – When the appreciation of the Chinese yuan was raised at a panel discussion of the Asia-Pacific Economic Cooperation CEO Summit in Hawaii, business leaders had a simple message for politicians: Pressing China to appreciate its currency will only harm economic relations between the two largest economies in the world.

That general sentiment was in keeping with what Chinese President Hu Jintao told his US counterpart, President Barack Obama, at the summit.

During the meeting, Hu said the US’ trade deficits, high unemployment rate and other economic troubles cannot be blamed on the Chinese renminbi’s exchange rate. He said a sharp increase in the currency’s value will do nothing to help the US overcome those difficulties.

Hu said China has acted responsibly in adopting its current exchange-rate policy and will continue to make reforms to its currency system.

At the CEO summit, which was attended by more than 600 CEOs, US and Chinese business leaders noted the US will hold a presidential election next year and said much of the talk about the yuan has been driven by politics.

Mitt Romney, a Republican candidate for president, has called China a "currency manipulator", saying that China has undervalued its currency and is taking away American jobs.

Many American business leaders have a different opinion. . . .

Experts: Pushing for yuan rise will not help US economy|Prime|chinadaily.com.cn

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