BEIJING (Reuters) - Chinese official media on Monday welcomed the relatively mild line on the yuan currency from a G7 meeting as vindication for its policies, while continuing to pillory "Buy American" provisions in U.S. rescue plans.
Chinese government officials have so far avoided public comment on the Group of Seven industrialized nations meeting on the weekend that praised "China's fiscal measures and continued commitment to move to a more flexible exchange rate."
The statement from the meeting in Rome was mild compared with a G7 statement in October that "encouraged" China to allow the yuan currency to appreciate.
Against the U.S. dollar, the yuan has recently been trading about even with levels seen in October.
Comments in the Chinese-language Financial News, official paper of the country's financial institutions, suggested Beijing liked what it heard and could use the latest G7 comments to push back against claims that it manipulates the yuan to gain an advantage in trade.
The paper said the G7's position was a "big turnaround" from past criticism of China's yuan policies and showed that the United States and other rich economies know they need Beijing's cooperation to help pull them out of an economic slump.
"A range of signs indicates that China's role in withstanding the crisis is harder and harder to ignore," said the paper.
Beijing's relatively sound economy forced the Western powers to draw back from criticism, the paper added.
"China's relative economic robustness, the relative stability of its financial system, relative ampleness of its state finances, and massive potential of its domestic market demand mean they cannot make an enemy of China." Continued...
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