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China urges currency off G20 agenda

06-23-2010 18:45 BJT Special Report: Hu Visits Canada, Attends G20 Summit |

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President Hu Jintao leaves today to attend the G20 meeting in Canada, where China's currency is likely to generate debate. But a spokesman from China's Foreign Ministry says the Toronto summit should focus on the recovery of world economy, instead of the yuan exchange rate.

Foreign Ministry spokesman Qin Gang urged G20 members to cooperate on promoting the strong, sustainable and balanced growth of the world economy, instead of finger-pointing and pressuring one another.

Qin Gang, Spokesman, said, "All countries are now in the same boat and should work together to improve cooperation and deal with the various challenges faced by the international community. The focus should be on boosting the global economic recovery and keeping the momentum of balanced and sustained development, rather than engaging in mutual accusations and pressure."

Qin says China's currency policy should be off the agenda at the G20 summit. He stressed the principle of independent decision-making would underpin the exchange rate regime's reform.

Qin Gang said, "I would like to emphasize that the reform of the yuan exchange rate mechanism and its flexibility will be carried out in an independent, controlled and gradual manner. This position has been clear and remains unchanged."

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