Official indicates China will reject WTO discussion of RMB

A Chinese official indicated that the country plans to reject any move by the WTO to discuss the value of the renminbi, the South China Morning Post reported. “China will make its views clear to the WTO on the issue of currency,” said Assistant Commerce Minister Yu Jianhua, responding to mounting pressure by the US and other nations that the pace of renminbi appreciation has been too slow. “The WTO so far has never set any single Dispute Settlement Panel for exchange rates.” The value of the yuan has fallen recently against the dollar, and many analysts expect the pace of appreciation to slow in coming months. Reports suggest that WTO officials are debating whether international trade rules can include manipulated currency values. Brazil is also said to be filing a complaint with the WTO to protect its export industry from the soaring value of the real against alleged under-valued currencies including China’s renminbi.