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To: goldsnow who wrote (5894)	1/14/1998 11:44:00 PM
From: Abner Hosmer	Respond to of 116766

BEIJING -- Two top Western financial officials are planning visits to Beijing that underline China's role in helping extricate Asia from economic crisis, diplomats and analysts said on Wednesday. In particular, the financial turmoil puts the spotlight on the Chinese currency, which has so far been a rock of stability in the region. U.S. Deputy Treasury Secretary Lawrence Summers is expected to arrive on Thursday to discuss the crisis with economic czar and Vice Prime Minister Zhu Rongji, a U.S. embassy spokesman said. The managing director of the International Monetary Fund (IMF), Michel Camdessus, will visit China soon to discuss the Asian financial crisis, the Chinese Foreign Ministry said on Tuesday. ...Their key concern will be to ensure China does not tinker with its currency. ...Many analysts say an Asian recovery will partly hinge on whether Beijing engineers a devaluation of the yuan to compete with cheaper exports from its neighbors. A yuan devaluation could spark another round of blood-letting in Southeast Asian currencies and put added pressure on the Hong Kong dollar, possibly cracking the Hong Kong dollar's peg to the U.S. currency. Some economists say that a 33 percent devaluation of the yuan in 1994, which unleashed a surge in Chinese exports, is at the root of Southeast Asia's current problems. China argues that Southeast Asian nations have only themselves to blame for their current account woes, which are largely the result of internal structural problems, including poor financial supervision. insidechina.com for complete story