Paulson expects China to further currency reform
(Xinhua)
Updated: 2006-09-20 22:53
BEIJING -- Visiting US Secretary of Treasury Henry Paulson said that China
should further its currency reform when it establishes "a competitive and open
financial market system".
Paulson made the remarks at a press conference Wednesday evening in Beijing.
"I'm not get concerned with what technique they use to get flexibility,"
Paulson said, noting that China could further its currency reform to a definite
point when "a competitive and open financial market system" has been
established.
China switched its yuan to US dollar pegging system to a basket of foreign
currencies last July, with the trading price between the dollar and the yuan at
the inter-bank foreign exchange market floating within a 0.3 percent band around
the official central parity.
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