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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (4861)	5/23/2005 3:12:37 PM
From: RealMuLan	Respond to of 6370

China `technically ready' for yuan move May 24, 2005 Beijing is ``technically ready'' to move to a more flexible currency regime that would likely lead to a revaluation of the yuan, according to a United States Treasury official. Speaking in Belgrade, Yugoslavia, acting Under Secretary for International Affairs Randal Quarles said that as a result of its work over the last ``couple of years,'' Beijing has removed the technical obstacles to freeing the yuan. ``Now they are technically ready,'' he said. ``I think that with that and the fact that they've been saying for some time that their desire is for a more flexible currency regime, it's something they can do now and I hope they will do promptly.'' Quarles was attending the annual meeting of the European Bank for Reconstruction and Development. US manufacturers and labor unions argue that, by keeping the yuan fixed at roughly 8.28 to the US dollar, mainland companies have an unfair edge over them. China's exports to the United States exceeded mainland imports from America by US$93.5 billion (HK$729.3 billion) in the last half of last year, up from US$70.2 billion for the last half of 2003, US data shows.DOW JONES NEWSWIRES thestandard.com.hk