Tags: China | Managed | Floating | Yuan | System

China President Plans Managed Floating Yuan System

Friday, 16 Apr 2010 01:54 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
China remains on course to gradually put in place a managed floating exchange rate system, President Hu Jintao said in a speech released on Friday amid pressure on Beijing to let its yuan currency strengthen.

"We have always moved toward implementing a managed floating exchange rate system based on principles of acting on our own initiative in a controlled and gradual manner," Hu said, according to a transcript of the speech.

He was reiterating China's long-standing description of its exchange rate policy.

"After the international financial crisis, we were confronting great difficulties, so maintaining a basically stable renminbi exchange rate helped promote global financial stability," Hu added.

Hu made the speech on Thursday at a closed-door session at a summit of leaders of Brazil, Russia, India and China in the Brazilian capital. China's Foreign Ministry posted a copy of the speech on its Web site (www.fmprc.gov.cn) on Friday.

The United States has increased its calls recently on China to allow its currency to strengthen, saying Beijing keeps the yuan deliberately undervalued to help Chinese exports.

Officials from some developing countries have also expressed concern about the yuan in recent weeks, including Brazil's finance minister, who said a stronger Chinese currency would be good for the global economy.

Economists said Hu's comment seemed in line with China's approach to foreign exchange policy.

"I'd say this is what they've always said, and it doesn't sound like this is anything we don't already know. We still don't know when it will begin. There's just a lot of speculation now because of the strong Chinese data recently," said Mark Chandler, senior currency strategy at Brown Brothers Harriman in New York.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Teacher Tried to Stop Washington State Shooting

Saturday, 25 Oct 2014 15:56 PM

A union official says a newly hired high school teacher confronted a gunman during a deadly shooting at a Washington sta . . .

Ebola Airport Order Opens Cuomo-de Blasio Rift

Saturday, 25 Oct 2014 15:20 PM

A decision by New York Gov. Andrew Cuomo and New Jersey Gov. Chris Christie to subject medical personnel to a 21-day qua . . .

Early Voting Alters Campaigns' Strategies, Costs

Saturday, 25 Oct 2014 14:35 PM

For over 1 million Californians, the Nov. 4 election is over. That's because they've already voted. A growing throng of  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved