February 6, 2005 07:31 AM
China: No Yuan Timetable
Excerpt: Chinese authorities on Saturday again declined to set out a time-table to make their currency more flexible on the world's money markets and said they had not come under international pressure to revalue the yuan.
Chinese authorities on Saturday again declined to set out a time-table to make their currency more flexible on the world's money markets and said they had not come under international pressure to revalue the yuan.
Major nations and especially the United States have repeatedly urged China to allow its currency to rise and the Chinese foreign exchange regime was also in focus at the Group of Seven meeting.
"We are determined to move towards a flexible exchange rate, but no timetable," Chinese central bank deputy governor Li Ruogu told reporters.
When asked if China will widen the currency band or swap the peg for a currency basket, Li said : "We will do whatever I think is possible."
The yuan has been pegged at about 8.28 to the dollar since the mid 1990s and critics argue this is to low and gives Chinese exports an unfair competitive advantage.
China has countered that it will move to a more flexible currency regime at some stage but only when it has reformed its shaky financial system, a pledge repeated again at the G7 meeting of finance ministers in London.
China has already relaxed some curbs on foreign exchange transactions, including allowing some service firms to retain more foreign exchange earnings, and made it much easier for multinationals to deal in hard currency.
The central bank has pledged to push ahead with currency, interest rate and banking reform in 2005, but repeated its policy of keeping the yuan "basically stable."
No hard landing
Meanwhile, Bank of Japan Governor Toshihiko Fukui told Reuters that central bankers at a breakfast on Saturday discussed the global economic situation including that of China.
Asked how China's economy was performing and whether there was a concern it might be in for a sharp slowdown or hard landing, Fukui said: "a landing but not a hard landing."
He said they did not discuss bank restructuring issues in China or any progress the U.S. had made on its currency account deficit but focused instead on the outlook for the global economy.
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