"China official rejects US complaints on currency"

[WhiskeyGirl]

WASHINGTON - A Chinese official said China would reform its currency policy gradually and keep the exchange rate stable, rejecting mounting US calls for it to rise more quickly.

Chinese Vice Commerce Minister Zhong Shan, in Washington at a time of heightened US-China trade and political tensions, told business leaders that changing the exchange rate was not the way to fix a huge bilateral trade imbalance.

"Revaluing the renminbi is not a good recipe for solving problems," he told the US Chamber of Commerce, according to a transcript obtained by Reuters.

A growing number of US economists estimate China's currency is undervalued by up to 40 per cent.

They say that gives China an unfair price advantage in international trade, takes jobs away from other countries and adds to global financial distortions.

more here -
http://www.businessspectator.com.au/bs.nsf/Article/UPDATE-1-China-must-change-currency-strategy---US--3UKYE?OpenDocument&src=hp17