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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: yard_man who wrote (8192)	6/22/2004 11:37:11 AM
From: mishedlo	Read Replies (2) of 116555

US Commerce Secretary calls on China to adopt more flexible exchange rate Tuesday, June 22, 2004 9:36:54 AM BEIJING (AFX-ASIA) - US Commerce Secretary Don Evans today urged China to establish a more flexible exchange rate, reiterating allegations that Beijing is seeking to boost exports by keeping the yuan artificially low "We think it's very important to have a flexible, market-driven exchange rate. That coupled with free trade and free flow of capital," Evans told journalists during his visit here "There is a working group between the United States and China working on that and we will continue to work for it." The US last year began accusing China of keeping its currency undervalued, a practice many US politicians claim allowed China to enjoy a 124 bln usd trade surplus with the US in 2003 Beijing has so far refused to budge on its peg of 8.28 yuan to the dollar, citing the need to maintain stability in its finance and banking sectors, especially amid signs that the nation's economy is overheating China will keep the "basic stability of the Chinese yuan rate around a rational and balanced level," Zhou Xiaochuan, governor of the People's Bank of China, said last week ============================================================= If and when China ever does what we are asking, we are no longer gonna want what we are asking for. Mish

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