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China still committed to stable CNY
Fri, Dec 5 2008, 13:23 GMT
by Flemming J. Nielsen
Several comments in connection with the Strategic Economic Dialogue meeting between the US and China closing today in Beijing support the view that the Chinese leadership will not shift to a gradual depreciation policy against the USD.
- Deputy Finance Minister Zhu Guangyao said the nation will keep the CNY "stable at a reasonable and balanced level" and in future will try to "better manage market expectations"
- Commerce Minister Chen Deming yesterday said that China is "not counting on depreciation" to help exporters.
- US Treasury Secretary Henry Paulson said that China is still "committed" to appreciation of the yuan over the medium-to-long term.
- A US statement said "While recognizing that currency movements will be uneven over shorter periods, the US encourages China to continue, and accelerate, renminbi appreciation and flexibility"
Published on Fri, Dec 5 2008, 13:37 GMT
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