Economy

RMB appreciation no help to int'l trade: Lamy

(Xinhua)
Updated: 2010-10-19 17:03

BEIJING - The Director-General of the World Trade Organization (WTO), Pascal Lamy said that the appreciation of the renminbi would not help to solve world trade imbalance.

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According to information on the WTO website, he said that it would not enhance the competitiveness of other countries' products and goods.

Lamy said the argument about trade imbalances is based on wrong statistical standards and that there are obvious loopholes in data. He believes that inaccurate statistics have created the Sino-US trade's large imbalance. He called for adjustments on the faulty standards to better reflect the global trade environment.