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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World G20 summit to debate China's currency policy: Canada AFP - Saturday, June 19 Send IM Story Print G20 summit to debate China's currency policy: Canada Slideshow: Full Photo Coverage: Business & Economy OTTAWA (AFP) - – China's controversial currency policy will be discussed at an upcoming G20 summit, a Canadian official said Friday, despite an earlier warning by Beijing not to bring up the yuan issue. Canada will host the leaders' meeting of the Group of 20 key economies in Toronto on June 26-27. The yuan, which the United States and several other countries wants revalued, is to be discussed during talks on how member countries can contribute to the global economic turnaround. "A key message (at the summit) will be that across the G20, all countries have things they need to do to support strong, sustained and balanced growth," a senior official told a briefing. "One of the things that I expect will be discussed is the contribution a more flexible China exchange rate will make to that," the official said. Earlier, Chinese Vice Foreign Minister Cui Tiankai told reporters the value of the yuan currency was not up for debate at the summit and again rejected outside interference in Beijing's foreign exchange policies. "The (yuan) is China's currency," he said. "This is not an issue the international community should discuss." International pressure is mounting on China to revalue the yuan, which Washington says is being kept weak deliberately by Beijing to give exporters an unfair trade advantage that is leading to job losses in the United States. Sander Levin, the powerful chairman of a US congressional committee overseeing taxes and trade, said Wednesday the G20 summit was "an important juncture for China to change its inflexible currency practices." However, Zhang Tao, a top official at the People's Bank of China, said the yuan was never on the agenda of previous G20 summits, and reiterated that Beijing would adjust its currency policies at its own pace. Zhang and Cui were speaking at a briefing on President Hu Jintao's participation in the summit. Beijing maintains that letting its currency strengthen will not solve the problem of US job losses and has consistently rejected pressure on the issue. Levin warned that China had until just after the summit to change its currency practices or face action by Congress. "Seven years of patience from the United States and the international community have run out," he said. US Treasury Secretary Timothy Geithner also said last week that China's refusal to revalue its currency -- which has been effectively pegged at about 6.8 to the dollar for two years -- impeded global economic reforms. Recommend Send IM Story Print Related Articles China minister shrugs off labour unrest concerns AFP - Saturday, June 19 G20 summit to debate China's currency policy: Canada AFP - Saturday, June 19 Another Toyota strike shuts major plant in China AFP - Saturday, June 19 Gold price hits record above $1,258 an ounce AFP - Saturday, June 19 World Bank urges China to hike interest rates AFP - Saturday, June 19 News Search Top Stories Sweden's future queen to wed former personal trainer Caracas asks Interpol to arrest anti-Chavez media mogul Battered BP boss relinquishes duties on US oil spill Nobel-winning novelist Saramago dead at 87 IMF chief backs embattled Spanish government More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Aussie man jailed for blowing bubble in court Harrison Ford, Calista Flockhart tie knot: report Battered BP boss relinquishes duties on US oil spill Sweden's future queen to wed former personal trainer Argentina dazzle South Korea, France face W.Cup exit More Most Viewed » The point about pain: New study sheds light on acupuncture Clashes as Israeli forces storm Gaza aid boat: Hamas TV Egypt unearths tomb of pharaonic army chief Physicists solve mystery of missing neutrinos More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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