China and US begin economic talks amid fears of currency clash

Business News

Dec 4, 2008, 3:44 GMT

Beijing - China and the United States Thursday began economic talks centered on the global financial crisis amid fears of a spat over currency levels. At the fifth Strategic Economic Dialogue (SED), US Treasury Secretary Henry Paulson is expected to pressure China to let its yuan rise against the dollar, as an undervalued yuan gives Chinese exporters an unfair advantage. Chinese media, however, stressed Thursday that a rapid rise in the yuan could do the global economy more harm than good. The two-day meeting will focus on cooperation to deal with the financial crisis and strengthen the Sino-US economic partnership, said Chinese Vice Premier Wang Qishan, who co-chairs the meeting with Paulson. 'The most pressing issue we have to deal with is coping with global financial turmoil,' Wang was quoted as saying at the outset of the meeting by the official Xinhua news agency. 'It is imperative for us to work together to implement the consensus reached at the G20 summit,' Wang said, referring to a meeting of leaders from the 20 richest countries and emerging markets in Washington in mid-November. In his opening remarks, Paulson, who initiated the twice yearly SED in 2006, said that work would continue on 'strategies for managing macroeconomic risks and promoting balanced growth, on open investment and trade policies, including strengthening products, food and drug safety, on our respected roles in international institutions and to strengthen cooperation in energy and the environment.' 'For the first time during the SED, the United States and China will focus on how we work together through international forums to strengthen the global economic system,' he said.

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Jacques ReuffDec 4th, 2008 - 04:14:22

Merdi!!!

www.financialsense.com/series2/tactics4/complete.html

The above linked article was written way back in 2001. As ye sew, so shall ye reap.

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