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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (3744)11/23/2004 2:41:39 PM
From: RealMuLan  Read Replies (1) of 6370
 
[So China doesn't have to float RMB by certain date]China yuan peg doesn't break WTO rules: Zoellick
NEW YORK - US Trade Representative Robert Zoellick said on Wednesday that he did not think China's exchange rate policy violated World Trade Organisation (WTO) rules.

'There's really no WTO obligation not to have a fixed exchange rate,' he said before speaking to the Asia Society.

His remarks appeared to squash US manufacturers' hopes for the United States to challenge China's exchange rate policy at the WTO.

The Bush administration has leaned on China to move to a flexible exchange rate but has resisted taking any stronger action to persuade it.

A coalition of US manufacturers, farmers and labour groups known as the Fair Currency Alliance wants the Bush administration to challenge China's exchange rate at the WTO.

They claim that Beijing's nine-year-old practice of pegging the yuan at 8.28 to the US dollar gives Chinese exporters an unfair trade advantage by artificially depressing the price of their goods by as much as 40 per cent.

Leading Democratic presidential candidate John Kerry of Massachusetts also has said he favours using the WTO to force China and other Asian economies to move to more flexible currency regimes.

But Mr Zoellick said he did not think China's currency peg violated WTO rules.

'You will recall the United States had a fixed exchange rate until 1971, when we were a member of the Gatt,' he said, referring to the predecessor organisation to the WTO. -- Reuters


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