China: Don't devalue key currencies
BEIJING - China's commerce minister has called on other major governments to avoid suppressing the value of their currencies to boost exports, warning that could hurt global growth.
- Published: 8/03/2013 at 12:37 PM
- Newspaper section: breakingnews
Chen Deming was responding to a question at a news conference Friday about the Japanese yen's weakness, but said his appeal also was directed at the United States and Europe.
The yen has fallen by about 20% against the dollar since the middle of last year, prompting concern other governments might try to drive down their own currencies to keep exports competitive.
"I'm worried that 'competitive devaluation' will lead to oversupply of money and it will have a negative effect on global economic growth," Mr Chen said.
About the author
- Writer: AP
- Position: News agency