Monday, November 08, 2004
China to Keep to Stable Yuan Policy-Paper
Yahoo! News: "Economists reckon a yuan shift could happen any time.
'The central will henceforth do its best to protect the stability of the yuan's exchange rate, laying the foundations for future economic development,' Wang was quoted as saying during a financial industry seminar in Beijing over the weekend.
Top financial officials have stepped up pledges recently to make the yuan more flexible, while stressing the need to head off volatility.
China has come under increasing international pressure to free up the yuan. Washington says the country derives an unfair trade advantage from an undervalued currency.
Beijing, meanwhile, has pledged to make the yuan more flexible through reforms -- but will do so in its own time and without bowing to pressure from outside. "
'The central will henceforth do its best to protect the stability of the yuan's exchange rate, laying the foundations for future economic development,' Wang was quoted as saying during a financial industry seminar in Beijing over the weekend.
Top financial officials have stepped up pledges recently to make the yuan more flexible, while stressing the need to head off volatility.
China has come under increasing international pressure to free up the yuan. Washington says the country derives an unfair trade advantage from an undervalued currency.
Beijing, meanwhile, has pledged to make the yuan more flexible through reforms -- but will do so in its own time and without bowing to pressure from outside. "
