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Strategies & Market Trends : HONG KONG

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To: Tom who wrote (1099)	1/15/1998 11:22:00 PM
From: Julius Wong	Read Replies (2) of 2951

[The Wall Street Journal Interactive Edition][Personal Journal News] The Wall Street Journal Interactive Edition -- January 16, 1998 U.S. Applauds China's Plan To Keep Yuan Rate Steady By DAVID WESSEL Staff Reporter of THE WALL STREET JOURNAL BEIJING -- U.S. Deputy Treasury Secretary Lawrence Summers emerged from a 95-minute meeting with Chinese Vice Premier Zhu Rhonji heartened by what he described as "China's unequivocal commitment" to hold the current yuan exchange rate. China recognizes that avoiding devaluation is "the most important commitment that China could make to stability in Asia," Mr. Summers said. The U.S. official's statement reinforced what Chinese leaders have been saying lately about the yuan, even though the depreciation of other Asian currencies has raised questions about the likelihood that China will hold the value of its currency steady. Because its currency isn't freely convertible to other currencies, China has more control over its foreign-exchange value than some other governments. Mr. Zhu indicated that China is prepared to offer financial support to other economies in the region, if that proves necessary, U.S. officials said. They added that officials from both countries agreed on the importance of a strong Japanese economy to the region. The broad discussion, which touched both on the regional financial crisis and on the Chinese economy, stretched 35 minutes beyond schedule. U.S. officials described it as one of their most substantive conversations with a Chinese official in years. Return to top of page [Toolbar] Copyright c 1998 Dow Jones & Company, Inc. All Rights Reserved.

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