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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (25040)3/7/2005 1:40:08 AM
From: RealMuLan  Read Replies (1) of 116555
 
China says currency not artificially low

MAR. 7 12:38 A.M. ET A top Chinese economic official on Monday denied that the country keeps its currency artificially low and vowed to keep the value of the yuan steady while foreign exchange controls are gradually relaxed.

China's trading partners, especially the United States, have pushed Beijing to stop setting the value of the yuan at about 8.28 to the U.S. dollar. They argue that given the dollar's recent weakness, that makes China's exports artificially cheap, lending its exporters an unfair price advantage.

That charge implies that China manipulates its exchange rate for its own benefit, which is "completely a rumor," the official Xinhua News Agency quoted Guo Shuqing, director of the State Administration of Foreign Exchange, as saying.

Echoing comments made to lawmakers by Premier Wen Jiabao, Guo said China plans to keep the yuan's value "basically stable."
Guo noted that China has been lifting restrictions on foreign exchange dealings by companies and individuals to facilitate trade and investment, working gradually toward its eventual goal of allowing the yuan to trade more freely.

Chinese leaders have given no timetable for foreign exchange reforms, contending that the fragile financial system requires a stable currency.

"It is a complicated job and should be done step-by-step," Guo was quoted as saying.

businessweek.com
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