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Sino-US agreement on yuan exchange rate report untrue: ministry: BEIJING - Recent Chinese media reports that China and the United States had reached a tentative agreement on the exchange rate level of yuan, or China's currency renminbi, were untrue, a spokesperson of the Chinese Ministry of Commerce (MOC) told Xinhua Monday. According to the ...

Yuan valuation not top concern for US firms in China: BEIJING: The Chinese currency exchange rate has not been a top concern for US firms in China, Christian Murck, president of the American Chamber of Commerce in the People's Republic of China (AmCham-China), said Monday. "A singleminded focus on the yuan is a mistake," Murck told ...

PBOC adviser says property controls to avert crash: China's measures to rein in property bubbles will curb house prices while avoiding a crash, said central bank adviser Li Daokui. The government aims only to "curtail excessive price gains in some areas," Li said in a phone interview Friday. "Cities such as Beijing, Shanghai and ...

US investigates alleged sops for extrusion firms: BEIJING - The United States Commerce Department said on Thursday it will investigate whether Chinese aluminum extrusion manufacturers have received government subsidies and dumped products at rates below the average market price in the US. But the department didn't say whether it ...

SAFE: 'Hot money' flows into property sector: BEIJING - Some speculative capital, or "hot money", from overseas has flown into domestic trade and investment areas, including the property sector, the State Administration of Foreign Exchange (SAFE) said on Tuesday. In a statement on its website, the foreign exchange regulator ...

China to continue to steadily advance reform related to RMB exchange rate: BEIJING - Chinese President Hu Jintao reiterated on Monday that China will continue to steadily advance the reform of the formation mechanism of the RMB exchange rate under the principle of independent decision-making, controllability and gradual progress. Hu made the remarks at ...

Responsible monetary policies urged: Countries whose currencies are held as reserves by global central banks are failing to take sufficient account of the global repercussions of their domestic policy stances, Assistant Finance Minister Zhu Guangyao told a financial forum last week in Beijing. "We call upon major ...

China traders not won over by DPRK move: Pyongyang's first revamp of the won in 17 years will render the currency useless, say some Chinese traders, but experts said the revaluation will not heavily affect trade. As of yesterday, the Democratic People's Republic of Korea (DPRK) revalued its currency, the won, at an ...

Protectionism, yuan pressure 'unfair': Wen: Premier Wen Jiabao yesterday rejected "unfair" calls from European countries for faster reform of China's currency policies, despite lobbying from EU financial chiefs at the weekend. "Some countries demand the yuan's appreciation while practicing various trade protectionism ...

Efforts underway to cool flow of hot money after asset bubble fears: After a string of emerging countries - including India, Indonesia, Thailand and Brazil - began to target the flow of short-term speculative capital, many experts believe China will step up its efforts to control the flow of so-called hot money. The deputy governor of China's ...

Revaluing yuan now would 'jeopardize' recovery: US expert: Nobel economics laureate Paul Krugman's recent push for a stronger Chinese currency "was wrong," and such a move currently does no good to the US and Chinese economies, a US expert said recently in an article on Forbes' website. Shaun Rein, founder and managing director of the ...

Basic coverage for migrants: The migrant population in Beijing will be covered by the basic social insurance system, according to the municipal government's Humanistic Beijing Action Plan (2010-12) released on Wednesday. The draft version of the action plan covered only migrant workers, but the released ...

Wang, Geithner exchange views on economic relations: BEIJING - Vice-Premier Wang Qishan met US Treasury Secretary Timothy Geithner in the Chinese capital on Thursday and discussed economic ties. In a brief statement after their meeting, the Treasury Department did not say whether the two sides discussed currency issues. The Chinese ...

Sudden yuan change poses risks: SHANGHAI - An abrupt and bold step to raise the value of the Chinese currency will not benefit China, the United States or the global economy, but may increase inflation risks in Asia, Xia Bin, a newly appointed member of the central bank's Monetary Policy Committee, said on ...

Commerce minister: Deficit temporary phenomena: A trade deficit, if one happened in March, would be a "temporary phenomena" for China on the way to recovering its economic growth and "cannot last for long", Chen Deming, minister of commerce, told China Daily on Thursday. China insists that maintaining the trade balance is the ...

Hu pledges currency reform at China's pace: WASHINGTON President Hu Jintao told his US counterpart Barack Obama that China is determined to push forward reform on the exchange rate policy but the move is based on China s needs, not pressure from other countries. A press release from the Foreign Ministry issued after the ...

Economists warn of possible new flood of speculative capital: China should allow an immediate one-off appreciation in the yuan's value and widen the currency's trading band to stem inflows of speculative capital that might fuel inflation, said UBS AG economist Wang Tao. "China's economic fundamentals mean that the yuan should strengthen," ...

Stronger yuan not tonic for US economy: CHICAGO - A stronger yuan would not be a tonic for the US economy or manufacturing and it would be a huge mistake to raise tariffs on imports from China to force a change in the yuan, says a US trade expert on Tuesday. Daniel Griswold is director of the Center for Trade Policy ...

Obama is 'playing with fire' over yuan: LONDON - US President Barack Obama's pressure on China over its currency's exchange rate is a manifestation of hypocrisy from the West and will not work, a British economist has said. "The president is playing with fire... Obama really should tread carefully. At the same time, ...

China denies yuan behind US trade gap: BEIJING: China on Tuesday shunned mounting US demands for a stronger yuan, saying again that renminbi is not the cause of China s big trade surplus and vowing to keep the currency stable to shore up exports. "If the exchange rate issue is politicized, then in coping with the ...

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