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Strategies & Market Trends : Asia Forum

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To: Thomas Haegin who wrote (516)	1/6/1998 6:55:00 PM
From: Rational	Read Replies (3) of 9980

China to keep forex market stable but no yuan devaluation: Shen Guofang BEIJING (AFX-ASIA) - China will take steps to ensure its foreign exchange market remains stable but will not devalue the yuan, foreign ministry spokesman Shen Guofang said. Asked by reporters about a pledge by China to expand foreign exchange curbs, mentioned in the local press, Shen said. "We will take some measures to ensure the markets stay stable. But it has nothing to do with (devaluing) the yuan." "We will not devalue the yuan," he stressed, reiterating previous government pledges. During the press briefing, Shen also said he was confident that the Southeast Asian economic crisis would pass quickly, as the governments concerned take action to stabilize their markets. "The countries concerned are taking measures to stabilize the Asian markets. I believe the phenomenon is temporary now. Institutions including the IMF are taking action and studying solutions," Shen said.

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