Home / News Type Content Tools: Save | Print | E-mail | Most Read | Comment
No RMB Change While Speculation Is Rampant
Adjust font size:

China will not make any exchange rate reforms amid the current level of speculation on the Renminbi (RMB), said Premier Wen Jiabao in Vientiane on Sunday.

After meeting with leaders at the meeting of Association of Southeast Asian Nations (ASEAN) he told reporters that the government is using four criteria for the decision:

The first is that any changes must meet certain conditions, and the most important are a stable macroeconomic environment, a sound market and a healthy financial system.

The second is that there must be an appropriate plan to keep the RMB stable at a "reasonable and balanced" level.

The third relates to the timing of any policy. "To be honest, the more speculations are made, the less chance we will have to take the measure," said Wen.

The last is the influence of RMB reform on China's economy as well as the economies in the region and the world.

"China is a responsible country. In the financial crisis in 1997, we maintained stability of the RMB and made due contributions," said Wen.

At the weekend, Li Ruogu, deputy governor of the People's Bank of China, said that there was no timetable for reform of China's exchange rate mechanism.

He made the remark at the 2004 APEC Finance and Development Program Forum in Sanya, Hainan Province. Speculation on the RMB exchange rate will not benefit reforms of the exchange rate or economic development, Li added.

(China Daily, CRI.com November 29, 2004)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- RMB Exchange Rate System to Be Improved
- Forex Watchdog Denies RMB Appreciation
- RMB Partly Convertible Under Capital Account
- Central Bank: Too Soon to Loosen Yuan's Peg
- Premier Wen Arrives in Laos for Visit, ASEAN Meetings
Most Viewed >>
- World's longest sea-spanning bridge to open
- Yao out for season with stress fracture in left foot
- 141 seriously polluting products blacklisted
- China starts excavation for world's first 3G nuclear plant
- Irresponsible remarks on Hu Jia case opposed 
- 'The China Riddle'
- China, US agree to step up constructive,cooperative relations
- FIT World Congress: translators on track
- Christianity popular in Tang Dynasty
- Factory fire kills 15, injures 3 in Shenzhen

Product Directory
China Search
Country Search
Hot Buys