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  • Sunday, March 12, 2006

    China won't bow to US pressure on currency

    From Bloomberg:

    China will follow its ``own principles'' on yuan reform and current yuan fluctuations are appropriate, Zhou told reporters in Beijing at the annual meeting of the National People's Congress. Zhou will discuss bilateral issues with the U.S. at a World Bank and International Monetary Fund meeting in April, he said.

    U.S. Treasury Secretary John Snow is under growing pressure from the country's lawmakers to label China a currency manipulator in a report due in April, which may result in tariffs being imposed on Chinese imports. The yuan has gained less than 1 percent since the government revalued the currency and ended a decade-old dollar peg on July 21.

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