China denies currency manipulation

Published January 24, 2009

BEIJING, Jan 23: China denied on Friday that it was manipulating its currency, reacting to a statement by US President Barack Obama’s Treasury secretary-designate Timothy Geithner.

“The Chinese government has never used so-called currency manipulation to gain benefits in its international trade,” the Chinese commerce ministry said in a statement faxed to AFP late on Friday.

“Directing unsubstantiated criticism at China on the exchange rate issue will only help US protectionism and will not help towards a real solution to the issue,” said the statement.

In its response, the Chinese commerce ministry promised to maintain a basically stable currency.

“Even though the global crisis caused by the US subprime crisis has brought serious challenges to the development of China’s economy and China’s foreign trade, we nevertheless have emphasised many times that China will maintain the basic stability of the exchange rate,” it said.

“We will not rely on depreciation to support exports.”

It added that “in a situation where the impact of the global financial crisis continues to spread, all nations should strengthen cooperation and coordination and face the challenges together.”—AFP

Opinion

Revival? For whom?

Revival? For whom?

Numerous sets of numbers, not quoted by govt sources, suggest that things are not as dazzling as claimed by those who run the country.

Editorial

Premature alarm
Updated 20 Feb, 2025

Premature alarm

Improvement in headline inflation gives policymakers chance to fix investment policies, implement structural reforms.
Forsaken province
20 Feb, 2025

Forsaken province

AND the endless cycle of violence continues. The brutal killing on Tuesday night of seven Punjab-bound passengers in...
In poor health
20 Feb, 2025

In poor health

THE absence of decent and affordable healthcare in the country continues to ruin lives. An example of this is ...
Out of control
Updated 19 Feb, 2025

Out of control

AS bodies continue to fall in Kurram despite a state-sanctioned ceasefire, one wonders how long local militants’...
Hollow words
19 Feb, 2025

Hollow words

IT is not uncommon for politicians to resort to the use of hyperbole in order to boost their public standing. ...
Migration matters
19 Feb, 2025

Migration matters

THE grass, it seems, did appear greener on the other side to millions of people as evidenced by the latest UN ...