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China presses developed world on economic policy

Sat Nov 7, 2009 12:57pm EST

ST ANDREWS, Scotland, Nov 7 (Reuters) - China on Saturday shrugged off international pressure to appreciate its currency, saying developed countries should focus on the quality of their own economic policy-making.

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Chinese Finance Minister Xie Xuren, speaking after finance ministers and central bank governors of the Group of 20 nations met in Scotland, said countries with global reserve currencies should work to maintain the currencies' value, China's official Xinhua news agency reported.

Xie also said countries should pay attention to the sustainability of their fiscal policies and economic growth.

Chinese central bank governor Zhou Xiaochuan said the International Monetary Fund should increase its monitoring of economic policies and financial markets in developed countries, Xinhua reported.

The Xinhua report was the first official Chinese response to the G20 meeting, which ended on Saturday. (Reporting by Langi Chiang; Editing by Andrew Torchia)

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