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Chinese President: Forget The Dollar, Yuan Will Be Global Currency

Posted By admin On January 17, 2011 @ 5:55 am In Featured Stories,World News | Comments Disabled

Wall St Journal [1]
Jan 17, 2011

BEIJING—Chinese President Hu Jintao emphasized the need for cooperation with the U.S. in areas from new energy to space ahead of his visit to Washington this week, but he called the present U.S. dollar-dominated currency system a “product of the past” and highlighted moves to turn the yuan into a global currency.

“We both stand to gain from a sound China-U.S. relationship, and lose from confrontation,” Mr. Hu said in written answers to questions from The Wall Street Journal and the Washington Post.

Mr. Hu acknowledged “some differences and sensitive issues between us,” but his tone was generally compromising, and he avoided specific mention of some of the controversial issues that have dogged relations with the U.S. over the past year or so—including U.S. arms sales to Taiwan that led to a freeze in military relations between the world’s sole superpower and its rising Asian rival.

On the economic front, Mr. Hu played down one of the main U.S. arguments for why China should appreciate its currency—that it will help China tame inflation. That is likely to disappoint Washington, which accuses China of unfairly boosting its exports by undervaluing the yuan, making its products cheaper overseas. The topic is expected to be high on U.S. President Barack Obama’s agenda when he meets Mr. Hu at the White House on Wednesday.

Full article here [1]

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URLs in this post:

[1] Wall St Journal: http://online.wsj.com/article/SB10001424052748703551604576085803801776090.html?mod=WSJ_hp_LEADNewsCollection

[2] China’s yuan ‘set to usurp US dollar’ as world’s reserve currency: http://www.prisonplanet.com/chinas-yuan-set-to-usurp-us-dollar-as-worlds-reserve-currency.html

[3] Chinese Yuan Hits 18 Year High Against Dollar: http://www.prisonplanet.com/chinese-yuan-hits-18-year-high-against-dollar.html

[4] Does China Plan To Back The Yuan With Gold And Make It The Primary Global Reserve Currency?: http://www.prisonplanet.com/does-china-plan-to-back-the-yuan-with-gold-and-make-it-the-primary-global-reserve-currency.html

[5] Geithner Delays Currency Report, Urges Flexible Yuan for China: http://www.prisonplanet.com/geithner-delays-currency-report-urges-flexible-yuan-for-china.html

[6] Top Chinese banker Guo Shuqing calls for wider use of yuan: http://www.prisonplanet.com/top-chinese-banker-guo-shuqing-calls-for-wider-use-of-yuan.html

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