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RMB exchange rate adjustment has no timetable

www.chinanews.cn 2005-04-25 11:12:36

Chinanews, April 24 (Yu Jingbo, Gu Shihong and Wang Xinli reported from
Boao) - Wei Benhua, deputy director of the State Administration of
Foreign Exchange, attended the Boao Forum for Asia and stated that the
RMB exchange rate adjustment depended on numerous factors. "To adjust or
not adjust the RMB is a question that has no consensus". The Adjustment
of the RMB, therefore, has no timetable.
This official admitted that a flexible exchange rate system would be
advantageous to the overall economy. He said that if China could not
implement a more flexible exchange rate mechanism, the country would face
difficulties in maintaining stable economic growth and its developmental
trend would be shortchanged. At the same time he said that the issue of
adjusting the RMB needed more research and work, including how the
currency change might affect China's neighbors.
Regarding America's accusations of China on the issue of the RMB, Wei
said that the trade deficit was America's own problem. "The U.S. should
first clean house before helping her neighbors."

          ��Exchange rate adjustment not likely soon (2005-04-11)
          ��China on track with exchange rate reform (2005-03-29)
          ��RMB exchange rate reform to be launched (2005-03-21)
          ��Exchange rate reform less likely this year (2005-03-01)
          ��China on track toward exchange rate reform: top banker
(2005-02-07)
          ��SIC report: RMB exchange rate will remain stable next year
(2004-12-21)

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