US-China Meeting Starts With Call for Fair Exchange Rate
VOA News 조회 수 539 추천 수 0 2012.05.29 00:14:46This is the VOA Special English Economics Report, from http://voaspecialenglish.com | http://facebook.com/voalearningenglish
American
Treasury Secretary Tim Geithner recently urged China to let the exchange value
of its money rise. Mister Geithner was among top officials from both countries
who gathered in Beijing for the U.S.-China Strategic Dialogue. Their goal was to
increase cooperation on security and economic issues.Secretary of State Hillary
Clinton spoke as the meeting opened on May third. She said the two sides were
working to build a relationship so that both countries grow without unhealthy
competition or conflict.She noted that nations must deal with issues of
economics and international politics in a way that is not 'win or lose', or what
she called zero-sum. Secretary Clinton also said that both the United States and
China have to meet responsibilities to their own citizens and the international
community. The value of China's money, the yuan, was among the economic issues
discussed at the meeting. In early May, the exchange rate was over six yuan to
the American dollar. The United States says China intervenes in foreign currency
markets to keep the exchange value of the yuan low. A lower value means Chinese
exports are less costly than their competitors. Critics also say China unfairly
supports its industries with many other forms of government support. Last year,
America's trade deficit with China reached a record two hundred ninety-five
billion dollars. At the talks with American officials, Chinese Vice Premier Wang
Qishan defended his country's money policy. He said China is moving at a
measured rate to make its currency more flexible. And he urged the United States
not to "politicize" economic issues. Mister Wang also called on the United
States to ease controls on high-technology exports and increase Chinese access
to financial markets. Secretary Geithner said China had moved toward a better
way of valuing the yuan. But he said more reform was needed. He said a strong,
more market-determined yuan will help strengthen China's economic reform goal of
moving toward higher value-added production. Currency reform, said Mister
Geithner, also was important to China's financial system and to increasing
consumer demand at home. For VOA Special English, I'm Alex Villarreal. You can
find more news about economics at voaspecialenglish.com.(Adapted from a radio
program broadcast 04May2012)
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