China’s government on Thursday warned other G20 economies not to use the upcoming Toronto summit as a soapbox from which to criticize the country’s currency policy, the Financial Times reported. Chinese officials cautioned against "finger-pointing," adding to suspicions that China is not preparing to issue a last-minute announcement regarding its currency prior to the June 26-27 summit despite rising pressure from the US Congress. While surging exports offer an opportunity for currency appreciation, most China-watches expect China to continue to delay on any reform, especially as continued instability in Europe threatens global trade. Qin Gang, a China foreign ministry spokesperson, said, "We believe it would be inappropriate to discuss the renminbi exchange rate issue in the context of the G20 meeting."
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