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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China's central bank denies manipulating currency AFP - Sunday, January 25 BEIJING (AFP) - - China's central bank on Saturday denied it was manipulating the country's currency, reacting to a statement by US President Barack Obama's Treasury secretary-designate Timothy Geithner. Su Ning, vice governor of the bank, called the allegation "untrue and misleading," China's official Xinhua news agency reported. "We should avoid any excuse that might lead to the revitalisation of trade protectionism. Because it will do no good to the fight against the crisis, nor will it help the healthy and stable development of the global economy," it quoted Su as saying. The comments were in response to Geithner's statement Thursday that "President Obama -- backed by the conclusions of a broad range of economists -- believes that China is manipulating its currency." The Chinese commerce ministry also has denied the accusation and has promised to maintain a basically stable currency. Under intense foreign pressure, China decided in mid-2005 to de-link its currency, the yuan, from the US dollar. In the three years that followed, it rose about 20 percent on the dollar, muting some of the criticism that Chinese exporters were getting an unfair advantage from an artificially low currency. However, for most of 2008 the yuan changed very little against the US currency, with some analysts speculating that Beijing was concerned about pushing key export enterprises out of business. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Norway to unveil measures to boost banking sectorAP - 2 hours 25 minutes ago Indian police arrest two Pricewaterhouse officials: reportsAFP - 2 hours 40 minutes ago Chrysler exec sees automaker viable by springAP - 2 hours 43 minutes ago SNAPSHOT - Financial Crisis - 1815 GMTReuters - 2 hours 47 minutes ago Official says Icelandic gov't could fall this wkndAP - 2 hours 47 minutes ago Enlarge Photo China's central bank denies manipulating currency Related Photos Slideshow US elections 2008 Most Popular – Business Viewed 'Dogs don't wear condoms,' says Baywatch star Anderson Ring of fire: Indian Ocean to see solar eclipse World crisis deepens as downturn bites in Asia Recession grips Britain for first time since 1991 Obama to mull budget, stimulus with economic team View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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