China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (177)	8/7/2003 8:02:36 PM
From: RealMuLan	Read Replies (1) of 6370

China resists currency pressure at ASEAN talk MANILA: China is digging in its heels in the face of international pressure to let its currency strengthen and so slow the country’s fast-growing exports, South Korea’s deputy finance minister said on Thursday. The issue of the right value for the yuan, or renminbi, has been a hot topic this week on the sidelines of a meeting of Asian finance ministers that is mapping out plans to boost the region’s bond markets and strengthen financial cooperation. Although China’s voracious appetite for imports is proving a welcome source of growth for its neighbours, many believe that the yuan is undervalued and is thus giving Chinese exporters an unfair edge in world markets. The United States, which is running a $103 billion trade deficit with China, European governments and Japan have expressed similar concerns. But South Korean Deputy Finance Minister Tae-Shin Kwon said China had told fellow members of the ASEAN Plus Three grouping that it did not intend to loosen its grip for now on the yuan, which is pegged in a tight band around 8.28 per dollar “They have no plan to change their exchange rate system for the time being,” Mr Kwon told reporters at a gathering of finance ministers and their deputies from the Association of South East Asian Nations (ASEAN) plus China, South Korea and Japan. dailytimes.com.pk

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