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Saturday, 6 March 2010 - China opposes political interference in yuan policy
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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 China opposes political interference in yuan policy AFP - Saturday, March 6 Send IM Story Print China opposes political interference in yuan policy Slideshow: Full Photo Coverage: Business & Economy BEIJING (AFP) - – China said Saturday it was opposed to political interference in its exchange rate mechanism, amid growing international pressure for policymakers to let the yuan appreciate. "Sometimes, the exchange rate issue can be politicised. We are opposed to this practice," central bank governor Zhou Xiaochuan told reporters on the second day of the National People's Congress, the annual parliamentary session. The value of the Chinese currency, which has effectively been pegged to the US dollar since mid-2008, has been a bone of contention between Beijing and its Western trading partners, which say it is kept low to boost exports. China has said maintaining a stable currency is a "top priority" and is needed for the survival of Chinese companies and jobs growth in the world's third-largest economy, as export markets slowly recover from the crisis. But as the nation powers out of the global crisis -- its economy grew by 10.7 percent in the fourth quarter of 2009 after a massive public spending programme -- there is a growing clamour for the value of the yuan to appreciate. Defending the controversial exchange rate policy, Zhou said China faced "many uncertainties" and the timing of a return to "normal" policies was a complex issue. "Although we have seen signs of recovery the impact of the financial crisis is still very keenly felt," Zhou said. "Sooner or later we will withdraw economic stimulus policies (but) we need to be cautious in choosing the timing of the exit." Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 1 hour 3 minutes ago Deutsche Bank denies Greek financing questionable Reuters - 1 hour 4 minutes ago India's Essar to buy US coal company AFP - 1 hour 17 minutes ago UAE non-oil exports rise to $18 bln in 2009-agency Reuters - 1 hour 40 minutes ago China steel sector faces tough restructuring: executive Reuters - 2 hours 33 minutes ago News Search Top Stories Violence in Greece as parliament approves cuts Australia police search anti-whaler ship at Japan request US jobless rate holds at 9.7 percent despite storms New food 'surge' for Haiti: WFP Violence in Greece as parliament approves tough cuts More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Experts confirm asteroid wiped out the dinosaurs Sony to take on Apple with handheld devices: WSJ Australia police search anti-whaler ship at Japan request Scientists find early dinosaur cousin US jobless rate holds at 9.7 percent despite storms More Most Viewed » Chile quake moved Earth's axis, shortened days: scientist Florida killer whale to stay in park after deadly attack Experts confirm asteroid wiped out the dinosaurs DNA reveals some mystery on King Tut, raises questions Scientists recreate Big Bang heat of 4 tln degrees C 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 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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