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RBI: China keeping currency low 'hurts' India
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RAIPUR |
RAIPUR (Reuters) - Reserve Bank of India governor Duvvuri Subbarao said on Tuesday that China keeping its currency low "hurts" India in some ways.
China has come under pressure from the United States to increase the value of its currency more rapidly in order to spur domestic demand and help narrow its trade gap.
Trade Minister Anand Sharma said in early December that India is worried about its trade deficit with China and hopes to create a mechanism to give Indian companies greater market access to the Chinese market.
India's overall trade deficit was $35.4 billion in the September quarter as against a downwardly revised $31.6 billion in the June quarter.
The trade deficit hit a 23-month high of $13.06 billion in August but shrank to an eight-month low of $8.9 billion in November as exports began to outpace import growth from October.
(Reporting by Sujeet Kumar; writing by Neha D'silva; editing by Tony Munroe)
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