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Washington (AFP) April 24, 2010 China recognizes the need to let its currency strengthen against the dollar and other currencies, a senior IMF official said on Saturday. There is a "wide range of recognition that strengthening the currency is part of the policies needed to raise private consumption and help introduce a new engine for growth," said Anoop Singh, the head of the IMF's Asia unit. China's currency rates have been the focus of heated debates in recent weeks as the United States urged Beijing to let its currency strengthen to correct trade imbalances. Chinese leaders have long rejected US, and European, complaints that it grabs an unfair trade advantage by keeping the yuan artificially weak against the dollar. During the global crisis of the past two years, the currencies of most developing countries gained against the enfeebled dollar, making their exports more expensive compared to China-made goods. Recently policy splits have emerged within China as officials fear the weak yuan is could contribute to a overheating of the Chinese economy. The country is forecast to increase gross domestic product by ten percent this year.
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