Tuesday, March 30, 2010
Bloomberg
Finance Minister Naoto Kan will head to Beijing this weekend to discuss economic issues, including the status of the yuan, Vice Finance Minister Naoki Minezaki said Monday.
Kan is to meet with top officials, including Premier Wen Jiabao, Minezaki said.
They will also talk about fiscal policy and the role of the Group of 20 nations, he said.
The trip comes just as debate heats up between China and U.S. lawmakers over whether the Chinese currency should appreciate.
Kan's other deputy, Yoshihiko Noda, said this month that a more flexible yuan is desirable for the Chinese and global economy.
Kan has largely refrained from talking about the yuan since taking office in January, saying only that he was prepared to discuss it at a Group of Seven meeting last month "on the understanding that stable growth in China is desirable for Japan."
Wen's government has kept the yuan at 6.83 against the dollar since mid-2008 to shield exporters from the global recession and a contraction in world trade.
Kan's visit to China, the biggest market for Japanese goods, also comes as it is poised to overtake Japan as the world's second-biggest economy.
In January, Kan said it is a "good thing" that China is growing, while adding that he had a "sense of sadness" that Japan will lose its status as the No. 2 economy and the largest in Asia.
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