Economy

China says G20 should focus on world recovery

(Xinhua)
Updated: 2010-06-22 19:42

BEIJING - China said Tuesday the fourth Group of 20 (G20) summit should focus on the recovery of world economy, not the RMB (yuan) exchange rate.

"The pressing issue for the summit is having the G20 leaders discuss how to enhance communication and cooperation to ensure the momentum of the global economic recovery, considering the recovery is still unstable and imbalanced," foreign ministry spokesman Qin Gang told a regular news briefing.

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He said during the summit, G20 members should work to promoting the strong, sustainable and balanced growth of the world economy instead of finger-pointing and pressuring one another.

Qin said China's currency policy should not be up for discussion in Toronto because the issue of a single country's currency was not on the agenda at the three previous G20 summits.

Qin reiterated China will continue to advance the reform of the yuan's exchange rate mechanism under the principles of independent decision-making, controllability and graduality.

"This will stay unchanged," he stressed.

The People's Bank of China, China's central bank, announced over the weekend decisions to proceed with further reforms to the RMB exchange rate regime to enhance RMB exchange rate flexibility.