THE Asia-Pacific Economic Cooperation (Apec) meetings in Cebu next week could be a forum to express concerns against the Chinese government’s devaluation of the yuan, National Treasurer Roberto B. Tan said on Wednesday.
Last week China made three consecutive adjustments on the value of the yuan, which ended up falling by 3 percent and a move that many countries saw as an attempt to boost Chinese exports, as well as help boost the growth of China’s gross domestic product which had been at its slowest in more than two decades.
Tan said that at the upcoming retreat session of the finance ministers of the 21 member-economies of Apec on September 10, there would be a “more open” and “more intense” presentation and discussions of the recent economic developments in China that has affected the rest of the world.
“China will probably hear what those affected [by the devaluation] will have to say, and come up with suggestions on how to minimize the risk,” Tan said.
“The retreat will be a more intense and more focused discussion on how Apec economies can help each other and ward off or minimize the effects of these developments,” he added.
Finance Secretary Cesar V. Purisima had already issued a statement last week, warning of “using the exchange rate as a trade tool to boost competitiveness” that could trigger competitive devaluations across the Asia-Pacific region.
But China’s finance minister would not be there at the Apec meetings to hear those concerns, nor will the treasurer of the United States come.
Department of Finance Assistant Secretary Maria Edita Tan said that the Chinese finance minister would not be around to attend to local issues, while the US treasurer will not be around because of a Jewish holiday.
All of the 21 member-economies, however, will be represented at the Apec Finance Ministers’ and Related Meetings next week, wherein the Philippines will present the Cebu Action Plan which is expected to be approved at the end of the meetings.
Ms. Tan said that after the reports of the International Monetary Fund, the World Bank and the Organisation for Economic Co-operation and Development, China and the other major economies may come up with their own reports on the economic developments in the world and their expected effects on other economies.