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Edition: U.S. Article Comments (3) Save Email Print Reprints Most Popular Most Shared Marijuana legalization will be on California ballot 24 Mar 2010 Possible new human ancestor found in Siberia 24 Mar 2010 Sex toy startup has some big backers 17 Mar 2010 Scientists find how relaxed minds remember better 24 Mar 2010 PRECIOUS-Gold rebounds from 6-week low, strong dollar weighs 24 Mar 2010 Marijuana legalization will be on California ballot 24 Mar 2010 Scientists find how relaxed minds remember better 24 Mar 2010 Possible new human ancestor found in Siberia 24 Mar 2010 Inside a global cybercrime ring 24 Mar 2010 Sex toy startup has some big backers 17 Mar 2010 China official rejects U.S. complaints on currency Doug Palmer and Paul Eckert WASHINGTON Wed Mar 24, 2010 8:24pm EDT Related News China official rejects U.S. complaints on currency Wed, Mar 24 2010 WRAPUP 3-China official rejects U.S. complaints on currency Wed, Mar 24 2010 Senators vow action on China forex bill Tue, Mar 23 2010 UPDATE 1-US senators vow action on China forex bill Tue, Mar 23 2010 An employee counts yuan banknotes next to U.S. dollar banknotes at a branch of Bank of China in Changzhi, Shanxi province, March 9, 2010. Credit: Reuters/Stringer WASHINGTON (Reuters) - A Chinese official said on Wednesday China would reform its currency policy gradually and keep the exchange rate stable, rejecting mounting U.S. calls to allow the yuan to rise more quickly. World | China Chinese Vice Commerce Minister Zhong Shan, in Washington amid U.S.-China trade and political tensions, said changing the exchange rate was not the way to fix a huge bilateral trade gap and could upset the world economy. "Revaluing the renminbi is not a good recipe for solving problems," he told the U.S. Chamber of Commerce, according to a transcript obtained by Reuters. "It is in nobody's interest -- China's, the U.S.' or other countries' -- to see big ups in the renminbi or big downs in the dollar," Zhong said. U.S. Treasury Secretary Timothy Geithner said it was critical for China to allow its currency to rise. "We can't force them to make that change," he said in an interview with CNN. "But it is very important that they let it start to appreciate again. And I think many of them understand that," he said, according to an advance transcript provided by CNN. Treasury Department officials met late on Wednesday afternoon with Zhong. "They discussed the importance of fostering global growth, a range of trade issues and economic policies, including exchange rates," a Treasury spokesperson said. Many U.S. economists estimate China's currency is undervalued by as much as 40 percent. They say that gives China an unfair price advantage in international trade, takes jobs away from other countries and adds to global financial distortions. With the U.S. economy having shed 8.4 million jobs since December 2007, lawmakers have focused on China's currency. Senators are crafting a law that would slap import duties on Chinese goods to offset the low value of its currency. Sponsors of the bill, Democratic Senator Charles Schumer and Republican Senator Lindsey Graham, also want the Obama administration to formally label China a currency manipulator in a semi-annual Treasury Department report due on April 15. "VIGOROUS DISCUSSIONS" WITH TREASURY The administration twice rejected that route in 2009, as did the Bush administration. Wary of straining U.S.-China relations, U.S. President Barack Obama has instead pressed Beijing to move to a "more market-oriented exchange rate." U.S. House Ways and Means Committee Chairman Sander Levin, an influential Democratic Party lawmaker, kept up the chorus of criticism of Beijing's currency policies on Wednesday. "What seems undisputed ... is that China has a persistent economic strategy, a policy, key to which is the pegging of its currency to the dollar at an undervalued rate," he said. Levin said he intended to hold "some vigorous discussions this week" with Treasury officials on the currency issue. Declaring China a currency manipulator would require Geithner to hold talks with China, bilaterally or at the International Monetary Fund. The IMF called the yuan "substantially undervalued" on March 1. Niall Ferguson, a history and business professor at Harvard University, told Levin's hearing that failing to name China as a manipulator will make the United States "look like the wimps of the Western world." Many economists say a revaluation of the yuan or renminbi (RMB) would not bring back U.S. jobs because many of the labor-intensive products Americans buy from China have not been made in the United States for decades. Some warn against moves that would trigger a trade war with China, which holds $889 billion of U.S. government bonds and whose help is needed to tame the nuclear ambitions of Iran. Joseph Brusuelas, chief economist at Brusuelas Analytics, said in a research report that he saw "little question regarding whether Beijing targets the level of its currency." But he argues against naming China a manipulator. "Such a finding will exacerbate economic tensions between the U.S.-China and could push the Obama administration to adopt a counterproductive set of policies that would endanger the nascent global economic recovery," he wrote. Ferguson urged naming China a manipulator but, citing the U.S. tariffs that helped trigger the 1930s Great Depression, added: "I do not think this is a good moment to threaten or impose retaliatory tariffs against China." "INDIGENOUS INNOVATION" CONCERNS Zhong warned U.S. business leaders that a stronger yuan might not be a solution to American economic problems. "A dip in the value of the dollar will undoubtedly bring great repercussions to the global financial system and the world economy," he told the U.S. Chamber of Commerce. "The right way to reach trade balance between China and the U.S. should be expanding exports from the U.S. to China, rather than limiting China's exports to the U.S.," Zhong added. U.S. exports to China hit about $70 billion in 2009, unchanged from 2008. In a global economic slowdown, China was the third-biggest market for U.S. exporters and it remains the fastest-growing one. But U.S. business leaders increasingly complain they are hitting a protectionist wall in China as a result of government policies favoring domestic industries and that Beijing is increasing state involvement in the economy. "Regrettably, China is moving in a direction that is inconsistent with international best practice in developing an innovative economy," said Myron Brilliant, senior vice president of the U.S. Chamber of Commerce. China's policies are undermining business leaders who have long defended Beijing from U.S. protectionist pressures. "The ongoing policy approaches by China are eroding the support of their long-standing advocates in the United States, diminishing the many good arguments we have used historically in support of this relationship," Brilliant said. China and the United States have been at odds throughout 2010 over issues such as Google's decision to defy Chinese Internet censorship, Tibet, U.S. weapons sales to Taiwan, and sanctions against Iran's nuclear program. Zhong also visited the U.S. Treasury Department, Commerce Department and the Trade Representative's office. It was not clear whether he would meet lawmakers during his two-day visit. A Commerce Department official said U.S. officials who hosted Zhong discussed trade remedy issues, anti-dumping and countervailing duties. "We also took the opportunity to raise our broader trade-related concerns, such as indigenous innovation," she said, referring to Beijing's buy-Chinese directives that U.S. businesses in China cite as a major and growing trade barrier. (Reporting by Doug Palmer and Paul Eckert; Writing by Paul Eckert; Editing by Andrew Hay, Dan Grebler, Phil Berlowitz) World China Comments See All Comments (3) | Post Comment Mar 24, 2010 10:08pm EDT in 2008, the the huge earthquake shaked Sichuan Province, china, the Chinese needed to buy equipments like helicopters from the U.S., Uncle sam said no because he refuse to sell “high tech” goods to china. chinese then bought them from Russions. what dose this story mean? urgod Report As Abusive Mar 24, 2010 11:41pm EDT Are these economics experts who say that the rmb is undervalued the same ones that never saw the financial crisis coming? Does anyone remember the Plaza accord with Japan in the 1990’s? Ask yourself this: If you were China would you bow to the wishes of the very people who perpetrated the fiasco upon Japan, and the jobs and financial crisis in America? Most of those folks with all of those fancy initials behind their names, don’t have a clue…. edgyinchina Report As Abusive Mar 25, 2010 12:40am EDT edgyinchina: I have being in China several times for business. The reality is that China is based in cheap labor and not in productivity. There are some basic production factor that does not change. Amounts of energy and materials, cycle times etc. These factor does not change and they define the productivity levels. So if China is producing at a very low cost and not using high productive tools then it is fair to think that the currency is artificially low. China can’t continue selling goods and the rest of the world buying them. It is a cylce that needs and will end soon. axiom321 Report As Abusive See All Comments (3) Add a Comment More from Reuters Inside a global cybercrime ring It was a full-fledged company with a call center, HR department, and company parties. Employees cranked out code at a frenzied pace. The product? Computer viruses. Full Article Law would identify cybercrime havens Technology China is tougher. Get used to it China's stubbornness on the yuan is just a glimpse of the country's budding assertiveness. Full Article China must change yuan strategy: U.S. China official rejects yuan complaints China Personal Finance: A pain-free way to file taxes Nothing's worse than filing your taxes and owing more money than you have in the bank. Here's how to avoid a crunch. Full Article Employers brace for tax hit Economy © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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