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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 OECD recommends stronger Chinese currency By JOE McDONALD,AP Business Writer - Wednesday, February 3 Send IM Story Print BEIJING – China should let its currency rise to cool inflation and help ease economic distortions as it emerges from the global crisis, the Organization for Economic Cooperation and Development said Tuesday. The recommendation comes amid pressure from Washington and other trading partners for Beijing to ease controls that they say keep its yuan undervalued and give its exporters an unfair price advantage, swelling its trade surplus. A stronger currency, coupled with more social spending, could help to reduce China's high savings rate, boost consumer spending power and narrow its trade surplus, the 30-member OECD club of industrialized nations said in an economic survey. "It is appropriate for the exchange rate to appreciate," said Pier Carlo Padoan, the group's deputy secretary-general, at a news conference. China broke the yuan's direct link with the dollar in 2005 and allowed it to rise by about 20 percent over the next three years. But that stopped in late 2008 as Beijing tried to keep Chinese exporters competitive amid plunging global demand. A stronger yuan could help Beijing's effort to contain inflation, which accelerated in December, said Richard Herd, the group's chief economist for China. A stronger currency would reduce the cost of imports, easing pressure for prices to rise. Beijing has tightened controls on credit and is expected to raise interest rates as it shifts from stimulus to containing inflation after it declared last month China had emerged from the global crisis. That came after economic growth accelerated to 10.7 percent in the final quarter of 2009. "Being able to rely on (exchange rate) appreciation makes monetary policy that much more effective in containing inflation," Herd said. He said the OECD has no estimate of how much the yuan should rise or when Beijing might raise rates. The OECD also recommended that China spend more on health care and other services to create a stronger social safety net to ease pressure on families that save a large share of their incomes to pay for school and medical expenses. A stronger currency and more social spending "would mutually reinforce each other and would help to readjust the position of the Chinese economy in the global environment, thus contributing to addressing global imbalances which would be there once the recession is over," Padoan said. Beijing is not part of the OECD, but the Paris-based group of developed economies is forming closer ties with China and four other major nonmembers _ India, South Africa, Brazil and Indonesia. The International Monetary Fund made a similar recommendation for a stronger yuan in November, saying it would boost Chinese consumer spending power and help to underpin a global recovery and ease trade imbalances. ___ On the 'Net: Organization of Economic Cooperation and Development: http://www.oecd.org Recommend Send IM Story Print Related Articles Recovery hopes buoy world markets for second day AP - 42 minutes ago Marathon earns $355M in 4Q on higher oil prices AP - 46 minutes ago Sandra Bullock poised for first Oscar Reuters - 50 minutes ago Pending home sales rise 1.0 percent in December Reuters - 51 minutes ago FACTBOX-List of Oscar nominations Reuters - 1 hour 2 minutes ago News Search Top Stories French court asks did Continental cause Concorde crash Sony Pictures Entertainment cuts 450 jobs Russian economy shrinks almost 8 percent in 2009 ExxonMobil profit at 6 billion dollars in fourth quarter Obama seeks to create jobs, cut deficit in 2011 budget More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Healthy adults need less sleep as they age: study ExxonMobil profit at 6 billion dollars in fourth quarter French court asks did Continental cause Concorde crash Toyota prepares to roll out pedal repairs Sony Pictures Entertainment cuts 450 jobs More Most Viewed » Scientists praise Obama as Doomsday clock reset More Most Recommended » Elsewhere on Yahoo! 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