International NEWS
China Assures US of Currency Exchange Reforms
May 24, 2010 Visionmp.com news service
Though without giving any timeline, China has assured the US to reform its currency exchange regime, said media reports.
“China will continue to steadily advance the reform of the formation of exchange rate mechanism under the principle of independent decision-making, controllability and gradual progress,” President Hu Jintao was quoted as saying while opening of the second round of strategic dialogue between the countries.
The US blames China for considerately keeping low the value of its currency Yuan against dollar to reap export benefits, however, Beijing has been resolutely resisting the outside pressure.
In the key meeting, US Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner are participating from American side.
Geithener said in his opening remarks that he wanted to see China to open up to foreign businesses, reports said.
“Innovation holds the key to a more prosperous future, and innovation flourishes best when markets are open, competition is fair, and strong protection exists for ideas and inventions,” he was quoted as saying.
He outlined that both the US and China were ‘in the same storm-tossed boat’ and should together face common challenges, said reports.
“When we approach our relationship in spirit of mutual respect and cooperation, with determination at highest levels to overcome our differences, we will have great success to forging a global accord on climate in Copenhagen, to charting a common response to the challenge to international security,” he was quoted as saying.
In the meantime, Jintao said that the two countries should respect each-other’s core interests and major concerns, reports said.
“To the Chinese people, nothing is more important than safeguarding national sovereignty and territorial integrity,” he was quoted as saying.
Needless to add, China objects to US sale of arms to Taiwan, regarded by Beijing as part of Chinese territory, and resists American support to Tibetan leader Dalai Lama terming it as interference in its internal affairs.
“I trust it is not difficult for the American people, who went through the American Civil War in their history, to understand how important and valuable unity was to a nation,” the Chinese president was quoted as saying.
(Based on internet reports)
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