China to ramp up imports from India.

India's constant diplomatic attempts to nudge China to increase its imports from India to balance the trade between the two countries are reaping fruits. According to senior officials in the commerce ministry, China has assured India that it would step up its imports from the country and also partner India in charting the Asian growth story.

However, China is yet to pay heed to India’s requests of allowing flexibility to its currency. An official said on conditions of anonymity that along with other major economies led by the US and EU, India has been mounting pressure on China not to artificially keep its currency Yuan devalued, as it gave Chinese exporters an unfair advantage vis-à-vis other countries.

Last week the rupee appreciated 0.4% to close at 45.44 per dollar. In fact commerce minister Anand Sharma on Thursday also voiced his concerns on the same in Washington. “The issue of artificial devaluation of the currency is an issue that is constantly brought up with Beijing,” the official added.

Source : Indian Express