PRICE IMPORTS FROM CHINA SINCE THE END OF A DECADE-OLD QUOTA SYSTEM LAST YEAR. ON SATURDAY, CHINA ACKNOWLEDGED IT WAS BEING SUMMONED AT THE WORLD TRADE ORGANISATION TO EXPLAIN ITSELF ON CHARGES BY EUROPE AND THE UNITED STATES THAT IT HINDERS EXPORTS OF CAR PARTS. CHINESE FINANCE MINISTER JIN RENQING MET THE EUROPEANS IN VIENNA, BUT A SENIOR CHINESE CURRENCY OFFICIAL TRAVELLING WITH HIM MADE IT CLEAR BEIJING WAS NOT GOING TO BE RUSHED BY OTHERS INTO LETTING ITS CURRENCY APPRECIATE. 'OUR GOVERNMENT'S POSITION ON YUAN REFORM IS A CONTROLLED GRADUAL REFORM THAT IS INITIATED BY US,' WEI BENHUA, DEPUTY DIRECTOR OF CHINA'S STATE ADMINISTRATION OF FOREIGN EXCHANGE, SAID. JIN, WHO HELD A SEPARATE MEETING WITH EUROPEAN CENTRAL BANK CHIEF JEAN-CLAUDE TRICHET, EUROPEAN COMMISSIONER JOAQUIN ALMUNIA AND LUXEMBOURG PRIME MINISTER JEAN-CLAUDE JUNCKER, SAID ONLY THAT HE HOPED FOR IMPROVED FINANCIAL COOPERATION WITH EUROPE. A EUROPEAN OFFICIAL, WHO DECLINED TO BE IDENTIFIED, SAID: 'THERE WERE DELICATE SUGGESTIONS FROM THE EUROPEAN SIDE THAT APPRECIATION OF THE YUAN SHOULD NOT BE HINDERED, BUT NO STRONG PRESSURE'. VOLKSWAGEN'S PISCHETSRIEDER ALSO COMPLAINED ABOUT JAPAN'S EXCHANGE RATE, DESPITE EUROPEAN POLITICIANS' COMMENTS ABOUT BEING GENERALLY HAPPY WITH EXCHANGE RATES AT THE MOMENT. 'TODAY'S EXCHANGE RATE IS WHAT WE HAVE TO LIVE WITH AS FAR AS THE DOLLAR IS CONCERNED. WITH THE YEN, THINGS ARE ENTIRELY DIFFERENT. OUR JAPANESE COMPETITORS TAKE LOT OF ADVANTAGE FROM TODAY'S YEN EXCHANGE RATE,' PISCHETSRIEDER SAID. THE EURO HIT A RECORD HIGH AGAINST THE YEN ON THURSDAY, AT 144.92 YEN. AGAINST THE DOLLAR, THE EURO HAS BEEN ON AN UPWARD TREND SINCE MID-FEBRUARY, BUT DIPPED ON THURSDAY AND FRIDAY TO CLOSE AT $1.2089.
