Don't miss

Replay


LATEST SHOWS

ENCORE!

Colombia: How culture is helping to change a nation

Read more

EYE ON AFRICA

Chad added to US travel ban list

Read more

BUSINESS DAILY

Alstom, Siemens boards consider train builder merger

Read more

IN THE PAPERS

'Macron's EU plans thwarted by German election'

Read more

MEDIAWATCH

Online reactions to Kurdish referendum

Read more

THE DEBATE

Iraq's Kurds: Will referendum really lead to independence?

Read more

TALKING EUROPE

Catalonia independence vote: Tensions rise between Barcelona and Madrid

Read more

TALKING EUROPE

Catalonia’s regional foreign affairs chief: ‘This referendum is not illegal’

Read more

ENCORE!

Music show: Lucy Rose live, Ibeyi and Miley Cyrus

Read more

Europe

Chinese PM tells Europe to back off in currency row

Text by News Wires

Latest update : 2010-10-06

Chinese Premier Wen Jiabao has warned European leaders not to join the "chorus" of countries pressing China to appreciate its currency, the yuan.

AFP - Chinese Premier Wen Jiabao told European leaders to back off Wednesday from demands that Beijing increase the value of the yuan after a summit also marked by differences on trade and rights.

"I say to Europe's leaders -- don't join the chorus pressing (China) to revalue the yuan," Wen told a Europe-China business forum in Brussels ahead of talks with EU leaders, Dow Jones Newswires reported.

Wen insisted that the strength of the euro -- now at an eight-month high against the dollar, making the EU less competitive in the global competition for exports -- was caused by dollar problems.

The Chinese leader maintained that a sharp yuan appreciation would "cause many Chinese companies to go bankrupt, casting people out of work... and creating social unrest."

He added: "If China's economy suffers a crisis, that wouldn't be a good thing for the world as a whole."

"We must maintain the relative stability of the renminbi," Wen said.

The United States and Europe have upped pressure on Beijing to allow the yuan, also known as the renminbi, to trade at market levels, saying it is kept deliberately undervalued so as to boost Chinese exports at their expense.

Date created : 2010-10-06

  • DIPLOMACY

    All eyes on the Asian tiger at EU-China talks in Brussels

    Read more

  • China

    China warns that US currency legislation could hurt trade ties

    Read more

COMMENT(S)