Economy

Yuan appreciation will not help trade deficit

(Xinhua)
Updated: 2010-09-16 21:17
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BEIJING - China Thursday reiterated that the appreciation of the Chinese currency, or Renminbi, will not help to balance Sino-U.S. trade nor resolve unemployment problems in the United States.

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Foreign Ministry spokeswoman Jiang Yu told a regular news briefing that pressuring for the yuan's appreciation could not resolve any problems and might be counterproductive.

Jiang's remarks came in response to U.S. Treasury Secretary Timothy Geithner's reported criticism of China's exchange rate policies.

Saying Sino-U.S. economic and trade cooperation was mutually beneficial, Jiang reiterated that China had consistently advocated properly handling problems in bilateral economic and trade relations through equal consultation.