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Gold/Mining/Energy : A to Z Junior Mining Research Site

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To: Jim Willie CB who wrote (3060)	1/31/2003 10:25:13 AM
From: 4figureau	Read Replies (1) of 5423

China's Incoming Premier Won't Revalue Currency, Post Reports By Michael Forsythe Beijing, Jan. 31 (Bloomberg) -- China's next Premier Wen Jiabao, due to take office in March, said the country won't bow to Japanese and U.S. pressure to revalue its currency, the South China Morning Post said, citing a report in the 21st Century Business Herald. China is under increasing pressure from its two largest trading partners to revalue the yuan, pegged at about 8.3 yuan to one U.S. dollar in the past eight years. Wen made the remarks at a government financial conference last week, the paper said. Japanese Finance Minister Masajuro Shiokawa said last week that China should consider abandoning the yuan's peg to the U.S. dollar. Japanese officials say an undervalued yuan undercuts Japan's exports and encourages companies to relocate in China. Earlier this week Lawrence Lindsay, former economic adviser to U.S. President George W. Bush, said the U.S. should push China to abandon the peg, the South China Morning Post said. quote.bloomberg.com

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