China denies yuan behind U.S. trade gap
China denies yuan behind U.S. trade gap
China denies yuan behind U.S. trade gap
(Reuters) - China on Tuesday shunned mounting wicker basketU.S. demands#x for a stronger yuan, saying again that its currency is not the cause of its big trade surplus and vowing to keep the currency stable to shore up exports.
Beijing and Washington appear to be locked in a dialogue of the deaf in the run-up to a U.S. Treasury Department report due on April 15 that will determine whether China is manipulating its exchange rate for trade advantage.
"If the exchange rate issue is politicized, then in coping with the global financial crisis this will be of no help in coordination between the parties involved," Chinese Commerce Ministry spokesman Yao Jian told a regular news conference.
Yao rejected the argument that China's hefty trade surpluswicker basket with the United States was due to the yuan, also called the renminbi,Compact fluorescent lamp, which some U.S. economists judge to be 25 percent or more undervalued.
"The trade surplus is not caused by the renminbi exchange rate. The trade surplus is an outcome and phenomenon of globalization. It will exist for a time," he said.
Yao's comments echoed recent ones by Premier Wen Jiabao and other Chinese officials, who have stressed that whatever adjustments may come to the nation's exchange rate, Beijing does not want to be seen as bowing to foreign pressure.
With the U.S. Treasury decision #xlooming, China faceswicker basket a tricky test in deciding when to make any currency moves.
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