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Chinese official urges US to stabilize dollar

(Xinhua)
Updated: 2008-06-10 10:59

Chinese ambassador to the World Trade Organization (WTO) Sun Zhenyu expressed on Monday serious concerns about the continuous depreciation of the US dollar and urged the United States to stabilize the currency.

The continued depreciation of the dollar "aggravated the inflation pressure worldwide and further added fuel to the rapid increase of the crude oil and food prices," said Sun at a WTO session reviewing the trade policies of the United States.

The depreciation also seriously affects the exports of other countries, especially those vulnerable and export-oriented developing countries, undermining their ability to further develop and to address their social problems, Sun said at the biennial review.

He added that as a major currency for international reserve, the dramatic depreciation of the dollar has also led to shrinking national reserve of many countries and reduced social welfare.

"In this connection, China hopes that the United States, as a driving engine of the world's economy, could take quick and targeted actions to stabilize the US dollar," he said.

"We hope the US will not tell us this time as they did in the early 1970s to the Europeans, to say that 'it is our currency, but, it is your problem'," he added.

According to the ambassador, the continuous depreciation of the dollar resulted from the continuous downward adjustment on interest rates and the expansionary fiscal policy by the US Federal Reserve.