China will not link the issue of reforming
its currency with an international row over its booming
textile exports, Commerce Minister Bo Xilai said on Thursday.
Trying to link the two issues would complicate
an already tense debate, he told reporters on the sidelines
of a meeting of Asia-Pacific trade ministers on the South
Korean resort island of Cheju.
"We will not link the yuan issue with
the textile issue because that is not appropriate,"
he said through an English interpreter.
"If the Chinese economic circle has
such a feeling that other countries are using the textile
issue as an excuse to force China to make some adjustment
to the value of its currency, then it can make the whole
situation even more complicated."
His remarks came hours after U.S. Commerce Secretary Carlos
Gutierrez arrived in Beijing for a three-day visit to try
to ease tensions in the row over textile exports from China.
Bo also said European and U.S. pressure
to curb China's textile exports could harm talks to liberalize
international trade, calling such pressure "protectionism."
But he said China supported efforts by
World Trade Organization member countries to strike a new
trade deal and would not use the row over its textile exports
to impede such efforts.
U.S. manufacturers argue that China's policy
of pegging the yuan near 8.28 to the dollar undervalues
the Chinese currency by as much as 40 percent, giving exporters
there an unfair advantage in world markets.
China has long said that it intends to unshackle the yuan,
also known as the renminbi, but insists it will choose when
to do that.
Bo told a news conference on Monday that
China would consider its own development and the stability
of the world economy in any decision it takes regarding
the yuan.
..Source:
China Daily