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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: aknahow who wrote (36250)7/18/2003 3:55:41 PM
From: RealMuLan  Read Replies (1) of 74559
 
Steve Roach and Andy Xie and Joan Zheng from JP Morgan made some voice on CNN site<g>

Time 'not right' for yuan float
Friday, July 18, 2003 Posted: 0355 GMT (11:55 AM HKT)

(CNN) -- As the chorus of criticism grows about the perceived low value of the Chinese currency, leading economists back Beijing's assertion that the time is not yet right to float the yuan.

China's yuan is pegged in a band of 8.2760 to 8.2800 to the U.S. dollar, set by the central bank, the People's Bank of China.

While floating its currency is a long-term goal of the Chinese government, experts say that is still years away.

Responding to comments Wednesday by U.S. Federal Reserve Chairman Alan Greenspan that China eventually will need to float, a Chinese foreign ministry spokesman said the current exchange rate helped China's development and that of Asia as well.

Hong Kong-based economists for HSBC, JP Morgan and Morgan Stanley all say that factors such as deflation, weakness in China's financial system and the need for domestic stability more than offset the external pressure for revaluation.
...
It said trade liberalization stemming from WTO membership had already cost millions of jobs in China. To maintain stability, China needed to keep its exports and foreign direct investment (FDI) rising, it said.
edition.cnn.com
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