.contact us |.about us
News > Business News ...
Search:
    Advertisement
Mundell: China should maintain exchange rates for yuan
( 2003-09-15 15:07) (Xinhua)

International pressure to revalue the yuan is an issue of political concern than of economic significance, according to top economists as saying.

Robert Mundell, a famed 1999 Nobel laureate in economics, was quoted by Monday's China Daily as saying "There's never before in history (been a situation) that international monetary authorities. .. try to pressure a country with an inconvertible currency to appreciate its currency."

China should not appreciate or devalue the renminbi in the foreseeable future, said Mundell at the forum of fast-growing enterprises and financial markets with the Sixth Beijing International High-Tech Expo over the weekend.

"Appreciation or floating of the reminbi would involve a major change in China's international monetary policy and have important consequences for growth and stability in China and the stability of Asia," he said.

Fred Hu, managing director of Goldman Sachs (Asia), said the yuan is not central in tackling the problems of the world economy.

China's economy, despite a rapid growth, accounts for 3.5 percent of the global gross domestic product (GDP) and the remarkable annual foreign direct investment (FDI) it receives does not count on an "excessively undervalued" currency as some suspect, but its appealing domestic market, Hu said.

"China's recent export performance has been spectacular," he said. "But it is driven by the country's trade reform, dynamic private enterprises, abundance of cheap labor and most importantly, multinationals' growing processing and assembly operations in China."


 
Close  
   
  Today's Top News   Top Business News
   
+Investors encouraged to buy big state firms
( 2003-11-12)
+Focus: Internet brings life revolution
( 2003-11-12)
+Deflation, not inflation, in the wind
( 2003-11-12)
+Nuke talks possible before year's end
( 2003-11-12)
+Women graduates face hurdles in tight job market
( 2003-11-12)
+China stands out in Volkswagen's global sales
( 2003-11-12)
+Li Rongrong: State share sales will be delayed
( 2003-11-12)
+Hainan Airline auctions tickets on Web
( 2003-11-12)
+Demand for electronics fuels air cargo growth
( 2003-11-12)
+GE to supply engines for Boeing China jets
( 2003-11-12)
   
  Go to Another Section  
     
 
 
     
  Article Tools  
     
 
 
     
  Related Articles  
     
 

+Commentary: Why China should not devalue the yuan
2003-09-15

+State's forex decision lessens yuan pressures
2003-09-08

+Rejection of speedy change may spark more trade disputes
2003-09-05

+Expert: Revaluation pressure ill-considered
2003-08-11

+Comment: No time to raise renminbi's value
2003-07-01

+WB official backs RMB rate policy
2003-09-07

+China seeks to ease RMB revaluation pressure
2003-09-05

+Seattle Post: Let China set its own currency
2003-09-03

+US blaming of yuan misplaced
2003-09-03

 
     
   
        .contact us |.about us
  Copyright By chinadaily.com.cn. All rights reserved