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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 Weekend Edition Singapore Asia Pacific World China could act on currency this year: Kissinger AFP - Monday, January 24 Send IM Story Print China could act on currency this year: Kissinger WASHINGTON (AFP) - – China could act on revaluing its currency over the course of the year, without admitting defeat in their battle with the international community over its value, former US secretary of state Henry Kissinger said Sunday. In an interview with CNN, Kissinger, who worked to open US relations with China 40 years ago, said he would be "disappointed" if China did not make such a move on the yuan or renminbi (RMB). "If it can be done in a way that it does not look like a Chinese defeat, in other words, if they don't have to step up to a rostrum and say say, 'We have agreed to move the currency,' I believe they now understand a way it might be done with some mutual concessions over a period, say, of a year." "I would be disappointed if that did not happen," he said. Kissinger acknowledged, however, that the change may not reflect the percentage the United States is looking for. "But I think that (Treasury Secretary) Tim Geithner has laid out something that is compatible with the way the Chinese define their self-respect on this issue so that it does not look as yielding to American pressure," he said. Beijing has pledged to increase the flexibility of the yuan's exchange rate to make it a global currency rivalling the dollar, but critics have charged that China still unfairly undervalues the yuan to boost its own exports. China has warned that a big upswing in the yuan's value would hammer the country's key export industries, sparking job losses for millions of workers and leading to social unrest. Since Beijing's pledge last June to let the yuan trade more freely against the dollar, it has gained about 3.6 percent against the US currency. In the past month the pace of appreciation has accelerated, with the yuan gaining 1.1 percent as the United States pressed China for action. But Geithner said last week the real appreciation of the yuan was more than 10 percent a year due to inflation. In 1971, Kissinger made a landmark visit to China as secretary of state, paving the way for a trip by then-president Richard Nixon a year later. Recommend Send IM Story Print Related Articles Bangladesh orders probe into market slump AFP - 15 minutes ago Toyota still biggest automaker despite recalls AFP - 34 minutes ago Daimler,Japan's Toray to form carbon-fibre parts JV Reuters - 39 minutes ago RPT-GLOBAL MARKETS WEEKAHEAD-Uneasy over inflation Reuters - 40 minutes ago JGBs ease on Nikkei, curve steepens beyond short end Reuters - 41 minutes ago News Search Top Stories WikiLeaks founder named 'un-Australian of the Year' Memories take hold better during sleep: study Elites to tackle 'fundamentally changed' world at Davos The Arctic: a new frontier for oil, gas firms Weighty mission for scientists: redefine the kilo More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Bank of America posts heavy losses 'Inconclusive' Iran nuclear talks enter final day US expert panel gives nod to Alzheimer's scan Migraines don't damage brain: study More than 40 injured in Algeria clashes More Most Viewed » 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 Weekend Edition 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 Entertainment Photos Yahoo! News Network Copyright © 2011 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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