April 21 (Bloomberg) — the Australia is "manipulating" its currency, which yesterday reached a record level, and countries which are "will pay a price," said the Minister for Foreign Affairs, Kevin Rudd.
Rudd in an interview excluded from intervention in the so - called Aussie, who won 15 percent year last face to the dollar. Driven by revenues from shipments of coal and iron ore in China, pushed the currency hurt education, manufacturing and Tourism Australia. "We are not in the field of exchange rate regulation,"Rudd told Bloomberg TV in his Office in Brisbane by saying that the Government could help industries through review programs and skills of tax yesterday." "We do not plan to derive to what it seeks to manipulate our exchange rate and the countries which are I think finally pay a price.".Rudd was elected leader of the party labour in December 2006, and defeat John Howard of the Liberal Party to become Prime Minister in 2007. He was ousted by the current Prime Minister, labour party Julia Gillard in June after a confrontation of late-night party on a proposed resource tax and climate change legislation.The Australia refrained from measures adopted by countries such as the Brazil to the stem of earnings in foreign currency, including limits on capital flows. The currency hit $1.0718 yesterday, the highest level since being floated freely in 1983.Countries including the United States and the Brazil argue that the policy of China maintain its weak currency gives the largest exporter in the world an unfair advantage in global trade. Group of 20 leaders of finance meeting in China last month considered a broader global role of the yuan to encourage the Government to release its currency."Search FlexibilityRudd, who heads this weekend meetings in Europe and the United States, say increased flexibility of the yuan would help imports and help curb inflation in Chine.Les exchange rate are best set by markets," said Ruddwho was a diplomat in China in the 1980s. "It is a question of Chinese sovereign decision, but I think over time, it's a decision that affects many other economies." I see these concerns being mounted in the world. "Australia, most of the world and exporter of coal iron ore, has sold a 90.3 billion ($96.7 billion) of goods and services to China in the year ending June 30, 2010. Asian demand helped a $ 1.3 trillion economy avoid recession in the global financial crisis. "" China is a very important market, but it is not more, the be all and end all ", said Rudd, 53. "Obviously the Chinese economy suffering its own internal constraints thus."Employee DetentionsRelations with China were strained during the year 2009, when Rudd was Prime Minister, on the detention of the former Executive Rio Tinto Group Stern Hu and as Rio Tinto pushed $ 19.5 billion in public of Aluminum Corp. of China. "There is always a bit of static in the policy of a relationship,"said Rudd. "We have approved virtually all Chinese foreign investment applications.The Australia economic growth has accelerated at a quarterly rate of 0.7% in the last three months of last year. Gross domestic product will increase by 3% in 2011, the Monetary Fund International said in its semi-annual World Economic Outlook released this month.Australia Reserve Bank Governor Glenn Stevens scored a break this year after interest rate increases high target rates seven times since October 2009 with a night of November 2010. The higher dollar is tempering inflation and slowing some parts of the economy, giving Stevens margin of maneuver to delay further rate increases. The rate is 4.75%.Asian involving the son of a farmer in Northern Queensland, Rudd graduated with honours first class in Asian studies from the Australian National University before becoming a diplomat in Stockholm and Beijing, from 1981 to 1988. He worked for the Queensland Labor Party before entering Parliament in support of the 1998.Public of the work has fallen to a minimum of 15 years in an opinion poll this week showed most voters oppose plan Gillard taxing carbon emissions. The investigation of Nielsen, published in the journal of the age, April 18 also showed voters prefer Rudd on Gillard.Rudd has been selected by 55% as the best choice to lead the Government, while Gillard had the support of 38 percent in the poll of 1,400 people taken from April 14 to 16. The survey had a margin of error of more or less 2.6 points. "I am absolutely delighted to be the Minister for Foreign Affairs of the Australia, Rudd said at the request if it has planned to challenge the leadership of the party again. It is a very complete work ".-Editors: Peter Hirschberg, Anne Swardson
To contact the reporter on this story: Gemma Daley in Sydney at the gdaley@bloomberg.net
To contact the editor responsible for this story: Peter Hirschberg to phirschberg@bloomberg.net
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