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Expert: RMB will appreciate but no fixed timetable

www.chinanews.cn 2005-03-10 13:37:51

Chinanews, Mar. 10 - Yesterday morning, Wu Jinglian, a member of the
national committee of Chinese People's Political Consultative Conference
and a famous economist, said that the RMB would appreciate, but there was
no timetable for that to happen.
He said that before 1994, China had a multiple exchange rate system,
including an official price, price swap and so on, and the RMB had the
tendency to be over-valued. After 1994, China merged different exchange
rate systems into a tightly managed floating rate system. After the
Southeast Asian financial crisis erupted, China's neighbors and the
United States all requested that the RMB not depreciate. China honored
this request and kept its exchange rate relatively stable, thus made a
contribution to the Asian and global economic recovery.
However, the situation has changed since 2002. China's economic growth
has been vigorous, and trade keeps increasing, so does its trade balance.
At this moment, the RMB begins to face appreciation pressures. In the
face of these pressures, Wu thought the exchange rate should be
determined by market forces rather than the excessive interference of the
government. At present, signals from the market indicate that the RMB can
appreciate, but there is no fixed timetable.

          ��No fixed timetable for reforming the RMB (2005-03-07)
          ��China to ease restrictions on RMB (2005-03-04)
          ��China to loosen restrictions of RMB capital items (2005-02-28)
          ��RMB popular among China's neighbors (2005-02-25)
          ��RMB interest rate begins to cool off (2005-02-24)
          ��G7 meeting expected to find it hard to force RMB appreciation
(2005-02-01)

E-mail: zhangqinghua@chinanews.com.cn Tel: 8610-88387443 Fax:
8610-68327649

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