China's Wen pledges to balance trade, free up yuan

[OhioChick]

Source: Forbes/Thomson Financial News

11.19.07, 6:54 AM ET

SINGAPORE (XFN-ASIA) - Chinese Premier Wen Jiabao pledged today to resolve trade imbalances after the country's surplus hit a record high in October and work to let the yuan move more freely.

'We stand for free trade and oppose protectionism,' Wen said in an address at the National University of Singapore.

'We will speed up changing the mode of trade growth, improve the trade mix and strive to reduce trade imbalances.'

Wen's comments came after China's trade surplus hit a monthly record of 27 bln usd in October, prompting its global trade partners to urge Beijing to allow the yuan to appreciate.

A stronger yuan would make Chinese exports more expensive overseas.


Read more: http://www.forbes.com/markets/feeds/afx/2007/11/19/afx4353328.html