CHINA-US TALKS: CHINA VOWS MORE CURRENCY REFORM
Baku, May 24 (AZERTAC). China has pledged to continue reforms to its exchange rate policies at the beginning of high level trade talks with the US, according to the BBC.
Speaking at the opening of the talks, President Hu Jintao said he would seek “gradual progress” on reforming the exchange rate of the Chinese yuan.
The US argues China`s currency policy unfairly favours its exporters.
Meanwhile the currency is top of the economic agenda.
The US argues that the yuan is deliberately undervalued, giving Chinese exporters an unfair advantage in global markets.
“China will continue to steadily advance the reform of the formation of the... exchange rate mechanism under the principle of independent decision-making, controllability and gradual progress,” President Hu said.
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