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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: russwinter	10/9/2004 7:43:11 PM
	of 110194

China ought ease FX-Taylor Thu Oct 7, 2004 10:00 PM ET By Alister Bull ST LOUIS, Mo., Oct 7 (Reuters) - CHINA PEG portion of this story The G7 also called for greater currency flexibility in a pointed recommendation that China loosen its fixed yuan dollar peg. Taylor repeated the long-standing U.S. argument that this would be better for the world economy. But he declined to comment on a news report Beijing was weighing an imminent move in that direction. "All I really can say about this is that in the meetings that took place in Washington last week, the Chinese indicated their continued intention to move to a flexible exchange rate and did not outline a particular time to do that," he told reporters during a monetary policy conference. The Korea Economic Daily, one of the country's two major business dailies, quoted a source in Beijing as saying he had heard from a Chinese official that China would revalue the yuan by expanding its trading band. The report also said, without citing any source, that it was known China would revalue the yuan by about 7 percent on or around Oct. 15. "It's important to have more flexibility of the exchange rate and that indeed would enable China to prevent overheating, prevent an increase in inflation, and thereby prevent a hard landing," Taylor said. "So the flexibility of the exchange rate is very important for the continued stability in China and the world economy."

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