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| China c.banker vows to keep yuan rate stable |
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| 2008-04-11 | |
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Author: Admin BEIJING, April 7 (Reuters) - China will aim to keep the yuan rate <CNY=CFXS> stable, a central banker said, reiterating Beijing's official tone on exchange rate policy. ...
BEIJING, April 7 (Reuters) - China will aim to keep the yuan rate <CNY=CFXS> stable, a central banker said, reiterating Beijing's official tone on exchange rate policy. Yi Gang, a deputy governor of the People's Bank of China, was quoted by the official Financial News as saying that China would take other policies to address the country's "growing pains", which include massive investments, a huge trade surplus, a high savings ratio and a strengthening currency. Policy options include encouraging imports, stimulating domestic consumption and supporting overseas investments by Chinese companies. Yi made the comments in a speech delivered to a school in the northern Chinese port of Tianjin, a testing ground for China's financial reform, the paper said. U.S. Treasury Secretary Henry Paulson visited Beijing last week, urging China to save less and spend more. Yi said exports and employment were still two big concerns for China's yuan policy. But he also said China would let market forces play a bigger role in setting the value of the yuan. |
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