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Sudden yuan rise would harm global economy -PBOC adviser

(Agencies)
Updated: 2010-04-08 14:21
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A sudden rise in the yuan would hurt the global economy as well as US consumers, Xia Bin, a member of the Chinese central bank's monetary policy committee, said on Thursday.

"It's not in the core interest of the US to see the yuan appreciate," Xia told a financial conference.

He added that China should peg the yuan to a basket of trade-weighted currencies within a few years.

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Speculation that Beijing will let the yuan rise in the next few months has been fuelled by an easing of Sino-US tensions over the currency in recent days.

US Treasury Secretary Timothy Geithner said at the weekend that he was delaying an April 15 report on whether China manipulates its currency, ahead of a visit by Chinese President Hu Jintao.

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