br>,Chinadaily,Chinadaily.com.cn' >

日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

  Home>News Center>Bizchina
       
 

China won't revalue yuan under pressure
(Agencies)
Updated: 2005-06-22 16:46

China said it would not bow to political and speculative pressures to adjust the value of its currency as a Senate hearing in the United States debates Beijing's fixed exchange rate. 

Zhu Guangyao, director of the international department under the Ministry of Finance, said in an interview posted on the website of the official Xinhua agency that current pressure from China's trading partners and punters betting on a revaluation of the yuan will not have the desired effect.

"This is a sovereignty issue. No other country has any say in this," he said. "Under external pressure and external speculation pressure, no country can make an adjustment. External noise will only delay the process."

The currency has been effectively pegged since 1994, and has been fixed at around 8.27 yuan to the US dollar since August 1997.

Senior financial Chinese officials have repeatedly said that Beijing will not cave in to political pressure - led by the US Congress - to revalue the currency, arguing that the US trade deficit is the fault of the low savings rates of American households, not the yuan's valuation.

At the same time, they have bemoaned inflows of speculative capital, known as "hot money", which have been flooding into the country betting on a move and causing significant distortions to monetary policy tools.

Analysts have estimated that these inflows in 2004 alone may have topped US$100 billion. These capital inflows have helped China's foreign exchange reserves balloon to US$659.1 billion at the end of the first quarter of this year from US$403.3 billion at the end of 2003.

Zhu noted that foreign exchange reserves are currently "nearly" at US$700 billion, but didn't provide any more details. A local press report earlier this week cited an unnamed central bank official as saying that foreign exchange reserves stood at US$691 billion at the end of May.

Zhu reiterated that Beijing is committed to currency reform, but said that the current pressure is only slowing the process.

"The direction of our reform is clear and we are determined to carry on with it but we will not bow to outside pressure. External noise will only disturb the process," he said. US Federal Reserve chief Alan Greenspan and Treasury Secretary John Snow will testify Thursday about the impact of China's fixed exchange rate on the US economy to the Senate Finance panel.



 
  Story Tools  
   
  Related Stories  
   
US House lawmakers press for action on yuan
Manufacturers, Exporters, Wholesalers - Global trade starts here.

 

Advertisement
         
主站蜘蛛池模板: 成人免费看片98欧美 | 精品国产乱码久久久久久婷婷 | 亚洲三页| 日韩一区在线播放 | 欧美天堂在线观看 | 一区二区免费在线观看视频 | 最新中文字幕在线观看 | 久久综合久 | 精品综合 | 亚洲天堂男人 | 国产黄色在线看 | 久操91| 不卡在线视频 | 一区二区三区精品 | 一区二区不卡视频在线观看 | 四虎影视av | 激情小视频在线观看 | 亚洲综合在线视频 | www.午夜 | 国产精品视频99 | 欧美日韩国产免费观看 | 欧美一区二区在线观看视频 | av网址在线 | 日韩中文字幕在线观看 | 2021国产精品 | eeuss一区二区 | 欧美精品网| 三年中国中文观看免费播放 | 一区二区视频在线 | 三级天堂 | 九九在线观看免费高清版 | 国产黄色网 | 久久婷婷国产麻豆91天堂 | 日日夜夜撸撸 | 日本成人一级片 | 天天色天天操天天射 | 亚洲欧美视频在线观看 | 中文字幕导航 | 日本黄色不卡视频 | 狂野欧美性猛交 | 国产成人在线一区 |