Currency reform our own affair:Official
Editor: 管理员 Date:2010-06-29 Hit:5747
%3CFONT%20face%3DVerdana%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChina%20will%20not%20bow%20to%20pressure%20from%20the%20outside%20world%20on%20revaluing%20the%20renminbi%20and%20any%20changes%20in%20the%20nation%27s%20foreign%20exchange%20will%20be%20made%20on%20China%27s%20own%20terms%2C%20Chinese%20officials%20heading%20to%20the%20G20%20summit%20in%20Toronto%20said%20at%20a%20press%20briefing.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20remarks%20come%20on%20the%20heels%20of%20US%20senators%20sending%20proposals%20to%20the%20Obama%20administration%20last%20Thursday%20calling%20for%20fresh%20pressure%20on%20China%20to%20allow%20more%20flexibility%20of%20its%20currency%20and%20a%20large-scale%20appreciation%2C%20despite%20the%20Chinese%20government%27s%20announcement%20on%20its%20foreign%20exchange%20reform%20last%20weekend.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22Any%20changes%20in%20the%20foreign%20exchange%20will%20be%20decided%20by%20China%27s%20needs%20for%20supporting%20domestic%20economic%20development%2C%20rather%20than%20foreign%20pressure.%20Now%20the%20country%27s%20key%20goal%20is%20to%20transform%20the%20economic%20growth%20model%2C%20which%20will%20impact%20how%20the%20foreign%20exchange%20reform%20goes%2C%22%20said%20Ma%20Xin%2C%20director-general%20of%20the%20department%20of%20international%20cooperation%20of%20the%20National%20Development%20and%20Reform%20Commission%2C%20China%27s%20top%20economic%20planner.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20Chinese%20government%20recently%20announced%20that%20it%20will%20enhance%20the%20flexibility%20of%20renminbi%20exchange%20rate%2C%20which%20ended%20a%20fixed%20peg%20to%20the%20US%20dollar%20since%20July%202008.%20But%20this%20has%20not%20reduced%20the%20pressure%20from%20some%20countries%2C%20led%20by%20the%20US%2C%20which%20are%20now%20considering%20demanding%20that%20China%20takes%20an%20even%20bigger%20step%20in%20currency%20flexibility.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EOtherwise%2C%20the%20US%20Senators%20said%20they%20will%20urge%20the%20Obama%20Administration%20to%20punish%20China%20and%20its%20exporters%20by%20imposing%20countervailing%20duties%2C%20because%20China%20has%20been%20%22subsidizing%20its%20exporters%20unfairly%20by%20undervaluing%20its%20currency%22.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ESome%20said%20the%20US%20and%20others%20will%20even%20pressure%20China%20to%20agree%20to%20implement%20big%20steps%20at%20the%20G20%20summit.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EHowever%2C%20China%20denied%20such%20pressure.%20%22China%27s%20move%20has%20been%20welcomed%20by%20the%20world%20and%20we%20have%20not%20felt%20any%20difference%20in%20the%20pressure%20on%20the%20currency%20issue%20from%20the%20group%20of%20G20%20nations%2C%22%20said%20Zhang%20Tao%2C%20director%20general%20of%20the%20international%20department%20of%20the%20People%27s%20Bank%20of%20China.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22I%20don%27t%20think%20we%20will%20make%20any%20changes%20on%20the%20pace%2C%20depth%20and%20scope%20of%20the%20renminbi%20exchange%20rate%20reform%2C%22%20he%20added.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ELast%20week%2C%20the%20yuan%20gained%200.53%20percent%2C%20the%20most%20since%20December%202008%20after%20China%20had%20set%20the%20yuan%20at%206.83%20to%20the%20US%20dollar%20in%20July%202008.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ENomura%20Securities%20International%20said%20it%20expected%20a%20moderate%20pace%20of%20appreciation%20of%20the%20yuan%20in%20the%20remainder%20of%202010%20and%20during%202011.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ENobel%20laureate%20Paul%20Krugman%20said%20China%27s%20move%20was%20an%20%22exercise%20in%20bad%20faith%22%20aimed%20at%20fending%20off%20international%20pressure%20at%20the%20G20%20summit.%20He%20also%20said%20he%20believed%20China%20is%20still%20undervaluing%20the%20yuan%20to%20make%20its%20exports%20%22artificially%20cheap%22%20and%20to%20keep%20imports%20expensive.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EEconomists%20at%20home%20and%20abroad%20said%20they%20believed%20currency%20revaluation%20is%20not%20the%20key%20to%20global%20trade%20imbalances.%20Appreciation%20by%20large%20margins%2C%20or%20even%20one-off%20appreciation%2C%20is%20harmful%20to%20Chinese%20economic%20growth%2C%20some%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22There%20is%20no%20need%20for%20foreign%20nations%20to%20add%20pressure%20on%20China%2C%20as%20appropriate%20appreciation%20is%20not%20the%20last%20resort%20for%20solving%20trade%20imbalances%2C%22%20said%20Zuo%20Chuanchang%2C%20professor%20from%20the%20Academy%20of%20Macroeconomic%20Research%20of%20the%20National%20Development%20and%20Reform%20Commission.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ENobel%20Pr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