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To: RealMuLan who wrote (29194)	5/2/2005 7:11:51 PM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

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To: RealMuLan who wrote (29194)	5/2/2005 8:47:59 PM
From: RealMuLan	Respond to of 116555

[Gradual appreciation may be fine for other Asian countries, but will be bad for China since it will only encourage more and more hot money flowing in]--"Gradual Yuan Gain Would Be a Success, Kuroda Says (Update1)" May 2 (Bloomberg) -- China should be able to oversee a gradual appreciation of the yuan with ``limited'' effect on other Asian currencies, including the Japanese yen, Asian Development Bank President Haruhiko Kuroda said. China's regulations that limit the inflow and outflow of domestic and foreign currencies would need to be kept in place to ensure the success of a gradual appreciation of the yuan, Kuroda, 60, said today in an interview in Istanbul. ``As long as the adjustment is gradual it will have little impact on other Asian currencies,'' Kuroda said before the start of the annual meeting of the Asian Development Bank. ``The yuan should be made more flexible and the decision if made earlier rather than later would be good.'' The U.S. has been pressuring China to relax the yuan's peg to the U.S. dollar, which has been maintained at about 8.3 for a decade. Finance ministers from Japan, Singapore and other Asian nations, keen to sustain demand for their exports amid slowdowns in the U.S. and Europe, may encourage China to allow the yuan to strengthen during talks this week. ``They will all be for revaluation,'' said Tim Condon, the Singapore-based head of Asian Financial Markets Research at ING Groep NV. ``China's imports get cheaper, the region's exports get stronger, and the whole thing looks good.'' Trade A stronger yuan would make other Asian exports including Japanese steel and Thai rubber more affordable for Chinese purchasers. East Asia's exports in 2004 had their biggest gain in more than 20 years and China accounted for 29 percent of the growth, according to World Bank figures. China, including Hong Kong, overtook the U.S. to become Japan's largest trading partner last year. A more flexible Chinese currency ``would help the Chinese economy as well as the global economy,'' Kuroda said. Chinese central bank Governor Zhou Xiaochuan said on April 23 that pressure from outside the country may force the government to speed up currency reforms. The yen had its biggest gain in two months on April 29 after a state-sponsored newspaper in China said the government may let its currency trade more freely at any time. Separately, Kuroda also said that ``at this stage'' region- wide, full-scale integration of Asian countries is ``unrealistic.'' Kuroda said there were three areas to work on coordinating to help integration; investment in infrastructure, finance and trade. He also said a fourth step would be coordinating currencies. bloomberg.com