Spiga

China "doesn't" want to unpeg currency, seems

Senior Chinese officials have said they will not attend spring meetings of the International Monetary Fund and World Bank at the end of next week. A decision by Beijing to send deputies from the central bank and finance ministry means top Chinese officials won't be on hand to meet Group of Seven finance ministers for talks on the sideline that might have centered on China's currency policy and on other thorny trade matters.

Other nations, including the United States, complain that China's pegged currency (CNY/1: Quote, Profile, Research) gives it an unfair price advantage when it sells its goods into the world's consumer markets, especially the United States.

The G7 includes the United States, Britain, Canada, France, Germany, Italy and Japan. It has been speculated that China, with its growing economic might, will one day be invited to join, but Beijing has indicated no rush on its part to do so.

"We have no immediate plans to join the G7," Finance Minister Jin Renqing said after last fall's meeting. The G7 finance chiefs issue a communique after their gatherings that summarizes their assessment of global economic conditions and can commit them to specific economic policy directions.

As I have stated in my forums, China is not interested in meeting or unpegging. They are just going to try to KEEP growing whilst they "cannibalize" the rest of the world.

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