Finance, Forex and Investments

What is India's official stand on chinese currency dispute?

Plz share your Opinion on government of India's stand.

Public Comments

1. It has distanced itself from the US China currency dispute
2. India maintains an opinion that the Chinese currency is undervalued. However, it has not yet declared it publicly.
3. China and India should make friends, we have diffrent industry , we can help each other. Do not belive US, they just share their democracy, but never economy. If india want to be a greater country, developing the economy.
4. India clarifying its stand ahead of Prime Minister Manmohan Singh's visit to Seoul for the G20 Summit India made it known that it will certainly press China on various issues long been causing anxiety to India's diplomats and the administrators. During her address to the media, Foreign Secretary Nirupama Rao came out clear with India's intention to corner China by highlighting the issues plaguing the former. Stating that India's situation is different from US, Nirupama Rao added that India US President Barack Obama has urged India to back its stand in Seoul. Announcing that India has very large trade deficit with China, Rao added that G20 will be used as an international forum for taking up Chinese currency devaluation issue.(but China is not ready to discuss matter in BRIC summit) Bank of India (BoI) has become the first Indian bank to offer trade settlement facility between the rupee and the Chinese RMB (renminbi or yuan) from Hong Kong. This follows intense persuasion by the China Banking Regulatory Commission (CBRC), which is trying to gain acceptance of the RMB as an international currency. http://articles.timesofindia.indiatimes.com/2011-02-25/india-business/28633646_1_boi-chinese-currency-cbrc Arun Kumar Arora, BoI's chief executive in Hong Kong, said "We are the first Indian bank to offer real-time settlement facility in RMB to Indian exporters and importers. It will be save a lot of time because settlement in US dollars usually takes three working days," India took note of China’s concerns because, like Beijing, New Delhi too believed that economies of the developing countries were at the receiving end for no fault of theirs. India, nevertheless, did not go beyond appreciating China’s dollar worries, but reckoned that the International Monetary Fund must consider an expansion of its special drawing rights (SDR) currency. Since then, the choice of an alternative currency has shifted from SDRs to the Chinese yuan, with even the Asian Development Bank and the World Bank buying China’s argument, acknowledging its growing economic clout. Cut to April 2011. The leaders of BRICS (S being for South Africa, the latest entrant to the decade-old Goldman Sachs-invented emerging-economy grouping of Brazil, Russia, India, China) agreed in principle on Thursday to allow their authorised development banks to establish mutual credit lines denominated in their local currencies. Can't allow to add more due to space, read all 4 pages of Indian express's article. http://www.indianexpress.com/news/throwing-brics-at-dollars/776396/2