国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

   

China urges patience on yuan reform

By Dong Zhixin (chinadaily.com.cn)
Updated: 2007-06-21 15:43


Deputy central bank governor Wu Xiaoling speaks at a forum on the 10th anniversary of the Asian financial crisis in Beijing June 21, 2007. [sina]

China urged on Thursday other countries to be patient on yuan exchange rate reforms and said a stronger renminbi is no panacea.

The main problem China is facing is the economic imbalance caused by the high-flying surplus in both current and capital accounts, which cannot be solved by yuan appreciation alone, said deputy central bank governor Wu Xiaoling at a forum in Beijing.

China is taking measures to enlarge citizens' income, boost domestic consumption, and increase imports and reduce exports, Wu told the forum on the 10th anniversary of the Asian financial crisis.

"However, China is a big country in the process of economic transformation and needs more time," she said. "So we hope the other countries can be more patient with China."

She went on to cite the examples of Germany and Japan, saying a stronger exchange rate alone was not the solution. The two countries retained big trade surpluses despite powerful rises in their currencies.

Those countries balanced their external accounts by exporting capital, she noted, adding: "Therefore the Chinese government hopes its companies can go out under the capital account."

To that end, China is loosing controls on overseas investment by domestic companies and individuals. In the latest move, the China Securities Regulatory Commission Wednesday gave the go-ahead for Chinese securities and fund-management firms to invest overseas.

Wu pledged to keep the yuan exchange rate basically stable at a reasonable level, according to market conditions both at home and abroad based on market supply and demand and with reference to a basket of currencies.

Her remarks came after the International Monetary Fund (IMF), under pressure from the United States, released new rules to give "clear guidance to our members on how they should run their exchange-rate policies, on what is acceptable to the international community and what is not."

The new rules enabled IMF to declare a member nation a currency manipulator if the result of its policies is in "fundamental exchange-rate misalignment" or "large and prolonged current-account deficits or surpluses."

The major difference between the old and new rules is the new one discards the requirement that IMF should prove the country concerned intentionally uses its exchange rate to make its exports cheaper.

In response, China's central bank, the People's Bank of China (PBoc) called on the IMF to pay attention to each nation's circumstances.

"An unregulated and massive adjustment will not only worsen external instability, but also influence the sustainability of domestic economic growth, and therefore global growth and the stability of international financial market," the PBoC said in a statement.

Chinese analysts called the new IMF rules a product of heavy US pressure. American lawmakers, manufactures and businesses are accusing China of keeping the yuan artificially low, by as much as 40 percent, to give an unfair advantage to its exports.

Last week, US law-makers unveiled legislation which would punish countries with "misaligned" currencies, hours after the Bush administration declined to cite China as a currency manipulator.

As a reaction, the yuan has repeatedly hit new highs against the US dollar in the last few days, breaching the 7.62 barrier. That marked a rise of 6.4 percent since China ended a peg to the US dollar and revalued the yuan by 2.1 percent in July 2005.



Top China News  
Today's Top News  
Most Commented/Read Stories in 48 Hours
响水县| 宽甸| 邯郸市| 南皮县| 玛沁县| 金阳县| 彭泽县| 寿阳县| 色达县| 绍兴县| 托里县| 嘉禾县| 晋州市| 荔浦县| 昔阳县| 成都市| 克什克腾旗| 吉林市| 石渠县| 阿巴嘎旗| 临夏县| 垦利县| 叶城县| 枞阳县| 彩票| 桐柏县| 宁夏| 崇左市| 土默特右旗| 雷波县| 麦盖提县| 南康市| 曲水县| 漾濞| 洪泽县| 安丘市| 青川县| 榆林市| 丰台区| 右玉县| 永泰县|