News / Asia

China Warns World Not to Play 'Blame Game' at G20 Summit

TEXT SIZE - +

By announcing its currency the yuan will no longer be pegged to the U.S. dollar, China had hoped to silence critics who accuse Beijing of manipulating its currency.  Government officials, however, are still concerned the currency will become the center of unwanted attention and criticism at the G20 summit in Canada later this week.

The decision to unshackle the yuan from its two-year peg to the dollar has been met with mixed views.

Foreign Ministry spokesman Qin Gang warned the world to stop accusing China of being a currency manipulator.  He said all parties at the summit should display what he describes as the spirit of overcoming difficulties together. The international community should strengthen cooperation to contribute to the world's economic recovery, Qin added, instead of playing what he describes as the blame game and imposing pressure on China.

China's big state banks appeared to engineer a slight fall in the yuan's value by aggressively buying dollars Tuesday. Some economists saw that as a sign the government wants to control the pace of the yuan's appreciation.

The yuan rose to a new five-year high before turning lower Tuesday.

Many international economists, trade experts and foreign exchange traders have said the currency is likely to strengthen only modestly. Some economists have described the unpegging as meaningless and a political move.

Others have welcomed what the see is the start of reform of China's foreign exchange policies.

The United States, European Union and other governments have long criticized China for its foreign exchange policy. Many economists and business leaders in the U.S. and Europe say the yuan is undervalued by as much as 40 percent, which makes Chinese products cheaper overseas. That, they say, contributes to China's trade surpluses with other countries and to its rapidly growing foreign currency reserves.

Some members of the U.S. Congress have threatened to impose punitive measures on Chinese imports if the yuan did not appreciate.

Later this week, Chinese President Hu Jintao is attend the G20 summit in Canada, where he will meet with leaders of other major economies.

Political analysts say that by unpegging the yuan, China hopes it has appeased many of its critics by showing it is serious about making its currency more flexible.

You May Like

Abuja Blast Impacts Lives, Livelihoods

Officials say they are looking at ways to help bombing victims and boosting security More

Cambodia Technology Adviser Criticizes Cybercrime Draft Law

Phu Leewood says current criminal code can be used to prosecute offenders and that there is no need for a separate law More

Photogallery A Year Later, Boston Remembers Deadly Marathon Bombings

City pauses to honor victims and salute emergency workers who came to their assistance in frantic moments after blasts More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Google Buys Drone Companyi
|| 0:00:00
...
 
🔇
X
George Putic
April 15, 2014
In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Ray Bonneville Sings the Blues and More on New CD

Singer/songwriter Ray Bonneville has released a new CD called “Easy Gone” with music that reflects his musical and personal journey from French-speaking Canada to his current home in Austin,Texas. The eclectic artist’s fan base extends from Texas to various parts of North America and Europe. VOA’s Greg Flakus reports from Austin.
Video

Video Millions Labor in Pakistan's Informal Economy

The World Bank says that in Pakistan, roughly 70 percent work in the so-called informal sector, a part of the economy that is unregulated and untaxed. VOA's Sharon Behn reports from Islamabad on how the informal sector impact's the Pakistani economy.
Video

Video Passover Celebrates Liberation from Bondage

Jewish people around the world are celebrating Passover, a commemoration of their liberation from slavery in Egypt more than 3,300 years ago. According to scripture, God helped the Jews, led by Moses, escape bondage in Egypt and cross the Red Sea into the desert. Zlatica Hoke reports that the story of the Jewish Exodus resonates with other people trying to escape slave-like conditions.
Video

Video Police Pursue Hate Crime Charges Against Kansas Shooting Suspect

Prosecutors are sifting through the evidence in the wake of Sunday’s shootings in a suburb of Kansas City, Missouri that left three people dead. A suspect in the shootings taken into custody is a white supremacist. As VOA’s Kane Farabaugh reports, he was well-known to law enforcement agencies and human rights groups alike.
Video

Video In Eastern Ukraine, Pro-unity Activists Emerge from Shadows

Amid the pro-Russian uprisings in eastern Ukraine, there is a large body of activists who support Ukrainian unity and reject Russian intervention. Their activities have remained largely underground, but they are preparing to take on their pro-Moscow opponents, as Henry Ridgwell reports from the eastern city of Donetsk.
Video

Video Basket Maker’s Skills Have World Reach

A prestigious craft show in the U.S. capital offers one-of-a-kind creations by more than 120 artists working in a variety of media. As VOA’s Julie Taboh reports from Washington, one artist lucky enough to be selected says sharing her skills with women overseas is just as significant.
Video

Video UN Report Urges Speedier Action to Avoid Climate Disaster

A new United Nations report says the world must switch from fossil fuels to cleaner energy sources to control the effects of climate change. The Intergovernmental Panel on Climate Change released the report (Sunday) following a meeting of scientists and government representatives in Berlin. The comprehensive review follows two recent IPCC reports that detail the certainty of climate change, its impacts and in this most recent report what to do about it. VOA’s Rosanne Skirble has the details.
AppleAndroid