China hits back at US over trade and currency

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Summary	China hits back at US over trade and currency
Category	Financial Statements
New Business Economy Idea	" ... China has hit back at the US a day after President Barack Obama promised to take a tougher line with Beijing over currency and trade. Chinese foreign ministry spokesman Ma Zhaoxu insisted the value of the Chinese yuan was not the main reason for China's trade surplus with the US. ... At a meeting with Senate Democrats, Mr Obama was asked whether the US would cut ties with Beijing over continuing trade disputes. He said he would continue to make sure that China and other countries abided by trade agreements, but warned it would be a mistake for the US to become protectionist. Chinese trade figures released in December showed China likely to overtake Germany as the world's largest exporter. China said it had exported goods worth $1.2tn (£757bn) in 2009, while Germany is expected to register a figure of $1.18tn (£744bn). The figures led to renewed complaints from China's trading competitors that its currency is undervalued. On Wednesday, Mr Ma told President Obama meeting the Tibetan spiritual leader would further erode ties between Beijing and Washington. "We urge the US to fully grasp the high sensitivity of the Tibetan issues, to prudently and appropriately deal with related matters, and avoid bringing further damage to China-US relations," he said. China, which took over Tibet in 1950-51, considers the Dalai Lama a separatist. ... "
Webpage	More info
Author	Editor
Date	2/4/2010