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

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To: RealMuLan who wrote (16586)	11/23/2004 1:17:38 AM
From: mishedlo	Read Replies (3) of 116555

Beijing unlikely to bow to pressure to revalue currency - report BEIJING (AFX) - Beijing is unlikely to bow to increased pressure to revalue the yuan so soon after raising interest rates, the South China Morning Post reported, citing Chinese Academy of Social Sciences economist Zeng Gang The Hong Kong-based newspaper said the central government does not need a stronger yuan to rein in the economy, which is already slowing from the effect of macroeconomic controls. "The interest rate hike makes the government much less likely to hit the currency brake," Zeng was quoted as saying. "You don't want too many variables at work at the same time ... it would imply financial instability." Allowing the yuan to appreciate would hurt China's exports and worsen the country's already large unemployment problem, Zeng said. Exports account for 25 pct of China's gross domestic product, and a decline in exports would slow the economy, the paper said China's major trading partners are pressuring the country's policymakers to revalue the currency, claiming it is undervalued by as much as 40 pct, giving Chinese manufacturers an unfair advantage

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