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Stable China yuan important for world trade -minister

Published 02/28/2009, 05:59 AM
Updated 02/28/2009, 06:00 AM
TGT
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BEIJING, Feb 28 (Reuters) - Stability in China's yuan is important for the stability of global trade and the world economy, Chinese Commerce Minister Chen Deming said in comments broadcast on Saturday.

Chen also told BBC World News that he thought the media may have misinterpreted comments made earlier this year by U.S. Treasury Secretary Timothy Geithner that China was manipulating the yuan.

He said he did not have the impression that the U.S. government thought China was manipulating its currency.

Chen added that he expected to see a large impact on the Chinese economy in the first half of this year from the financial crisis and that the government would reassess its 8 percent economic growth target mid-way through the year.

Chen is currently on a trade mission to Europe in which Chinese businesses have signed tens of billions of dollars in contracts. (Reporting by Jason Subler and Simon Rabinovitch; Editing by Ruth Pitchford)

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