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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (646)	9/2/2003 9:15:32 AM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China denies manipulating yuan BEIJING (AP) - China is not manipulating its currency and will not give in to "international browbeating'' to change its foreign-exchange policy, the government's main English newspaper said Tuesday as the U.S. treasury secretary arrived for a visit. The China Daily, in its top opinion piece, took issue with critics who say the country is pulling strings with the yuan in a protectionist attempt to help Chinese-based exporters sell inexpensive products. "The critics that believe China manipulates the yuan's value assume that every currency in the world should be floated in the market,'' China Daily said. "This assumption in itself is porous.'' It added: "Should China now give in to pressure only to face dire consequences later? No way.'' The commentary, in a forum considered China's primary English-language conduit to world opinion, came as U.S. Treasury Secretary John Snow was beginning a two-day visit to Beijing. biz.thestar.com.my