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US Treasury Secretary Henry Paulson said he is very much in favour of a strong dollar, he further stressed that the currency’s value should be determined in open and competitive markets, based on economic fundamentals.
The two-day Asia Pacific Economic Cooperation (APEC) finance ministers meeting concluded earlier today in the Vietnamese capital had focused on the issue of financial "global imbalances."
"The US has a low savings rate, a trade deficit. Asia, however, has a very high savings rate and a trade surplus , No nation can solve this by themselves, it ‘s a shared responsibility." Henry Paulson said.
Every major economy needed to take different steps toward correcting the imbalances, he said.
Henry Paulson said the US needs to increase its savings rate and deal with the deficit, while Japan, China and Europe need to do more to generate domestic consumption. "We also need more currency flexibility in East Asia and in China."
The US has long complained that China’s yuan is undervalued, boosting Chinese exports at the expense of US jobs.
China s Finance Minister Jin Renqing said that Beijing in future may allow the currency market a greater role in setting the value of the yuan but opined that the exchange rate regime of China is not the major reason that causes imbalances in the global economy. |
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發表於 2006-9-8 21:14:28
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