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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

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