China's premier urges US to stabilise dollar
Wednesday, 2 July 2008
BEIJING, July 1 (AFP): Chinese Premier Wen Jiabao has again called on the United States to stabilise the dollar, warning the greenback's decline was posing threats to the global economy.
"China is taking measures to safeguard its stable economic development," Wen said during a meeting with visiting US Secretary of State Condoleezza Rice yesterday, according to a statement posted on the foreign ministry's website.
"(We) hope the US will overcome its subprime crisis soon and stabilise the exchange rate of the US dollar, which is significant to the whole world," he said, according to the transcript posted late on Monday.
The Chinese currency, the yuan, has appreciated about 20 per cent against the dollar over the past three years, which has placed enormous pressure on China's exporters and forced some out of business.
"China is taking measures to safeguard its stable economic development," Wen said during a meeting with visiting US Secretary of State Condoleezza Rice yesterday, according to a statement posted on the foreign ministry's website.
"(We) hope the US will overcome its subprime crisis soon and stabilise the exchange rate of the US dollar, which is significant to the whole world," he said, according to the transcript posted late on Monday.
The Chinese currency, the yuan, has appreciated about 20 per cent against the dollar over the past three years, which has placed enormous pressure on China's exporters and forced some out of business.