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10% at most, if RMB appreciates

www.chinanews.cn 2005-04-25 14:55:01

Chinanews, Apr. 25 - Wei Benhua, deputy director of the State
Administration of Foreign Exchange, said yesterday that the country was
not ready for Renminbi appreciation.
He also denied popular rumors of possible appreciation in the second half
of this year or in the first half of 2006.
He added that if the RMB appreciates, it should be an increase of less
than 10%, which would not solve the trade deficit problems of other
countries.
Wei made the above statements yesterday afternoon while attending the
panel "Asian Economic Integration and Economic Growth" of the 2005 Boao
Forum for Asia.
According to Wei, a nation should keep its exchange rate system stable as
long as it is beneficial to economic and trade development.
He also pointed out that China is resolute about the reform of its
exchange rate system. However, the country will not do so until
fundamental conditions mature.

          ��RMB appreciation a certainty (2005-03-31)
          ��RMB exchange rate reform to be launched (2005-03-21)
          ��RMB appreciation: causes and consequences (2005-03-21)
          ��Expert: RMB will appreciate but no fixed timetable
(2005-03-10)

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