China says NO to US financial suggestions
Written by JDPGlobal | Wednesday, 29 June 2005
It seems Washington is keener on revaluing the Chinese currency yuan than anyone else.
However, China's Prime Minister said that a stable yuan is in the interest of China and more importantly, the world as it would help world financial stability and the growth of international trade.
Though US says that the current value of about 8.3 to the US dollar is artificially low and therefore it is making Chinese goods artificially cheap which distorts world trade patterns, China's government is making it clear that it will not be pushed into revaluing its currency.
The general view is that any revaluation of the yuan will be done gradually and when China decides, not when Washington or anyone else demands it.
