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No change in sight for Renminbi rate
(Agencies)
Updated: 2005-04-04 15:40 Pinpointing a rational exchange rate level for
China's yuan, either theoretically or practically, is hard, according to a
central bank vice governor quoted by state media on Monday.
Reform of the yuan would focus on improving the exchange rate mechanism, vice
governor Wu Xiaoling was quoted as saying in the official China Securities
Journal.
"The renminbi (yuan) exchange rate has come under pressure, but the crucial
point is not the level," Wu said at a forum in Beijing.
"Nobody can work out theoretically what is the balanced and rational exchange
rate. Practically it is very hard to fix the rational level of any exchange
rate."
The remarks were the latest signal from Beijing that it will not rush to
overhaul its fixed-currency system, which the United States and other western
countries complain makes Chinese exports unfairly cheap.
The yuan has been pegged to about 8.28 to the dollar since the mid-1990s.
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