US would pay for strong yuan

BEIJING - As American legislators are increasing pressure on China to revalue its currency, a renowned British economist urged the United States to look at China's changing role more openly and pragmatically.

"The US is shortsighted (in pressing yuan appreciation). It has to recognize China's new role on the world stage and it has to find a way to live together with China instead of pushing China away," said Giles Chance, a UK-based economist and visiting professor at Guanghua School of Management at Peking University.

Still, the appreciation of the yuan would not help cut the US trade deficit with China as Washington claims, but in fact have the opposite effect, he told China Daily.