House of Lords
Lord Empey (UUP)
To ask Her Majesty's Government what representations they have made to the Government of China with a view to ensuring that the Chinese currency is traded at global market prices and not held at artificially low levels.
Lord Sassoon (Commercial Secretary, HM Treasury; Conservative)
The Chancellor meets regularly with Chinese counterparts to discuss a range of economic and financial issues. At a global level, the G20 has regular discussions on the causes of and response to global imbalances, including the role to be played by exchange rates valued in line with market fundamentals. The Prime Minister and the Chancellor have played their full part in these discussions, most recently at June's Los Cabos G20 summit: http://www.g20.org/images/stories/docs/g20/conclu/G20_Leaders_Declaration _2012.pdf.