Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Seven African countries' economies at risk over Brexit decision

Read more

THE DEBATE

Britain votes out: What next?

Read more

#TECH 24

The 'fintech' revolution

Read more

FRANCE IN FOCUS

A certified 'palace': How hotels strive for excellence

Read more

#THE 51%

In her own image: Women in Art

Read more

REPORTERS

World War I: When northern France was on German time

Read more

REVISITED

Video: Ugandan city still scarred by Lord's Resistance Army atrocities

Read more

MEDIAWATCH

#Brexit sparks a storm on social media

Read more

BUSINESS DAILY

Markets, pound plunge on Brexit vote

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)