FOREX UPDATE

BEIJING: China said on it will challenge a World Trade Organisation ruling against its restrictions on imported films, books and audio-visual products, continuing its sparring with Washington over trade access. Beijing said last week it may appeal against the WTO panels ruling, which upheld key parts of a U.S. complaint about Chinas controls on cultural products, which Washington says hurt publishers, Hollywood and entertainment multinationals. Now a spokesman for the Chinese Ministry of Commerce has said that appeal will certainly go ahead. "We think it was improper for the WTO not to reject the U.S. request," the spokesman, Yao Jian, told a news conference in Beijing. "Based on the WTO schedule, we are preparing the documents necessary to lodge an appeal." Yao did not give any other details of Chinas appeal.