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| Experts say RMB revaluation unnecessary |
| CCTV.COM 2003-07-22 09:07:08 |
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A group of senior experts and officials have warned that China should not bow to pressures to revalue its currency in order to prop up economic growth and prevent speculative hot money from batting the markets.
The panel suggests the government should take more measures to give greater flexibility on the RMB's convertibility on the current account, fight bias in international trade, and ease mounting calls for a quick revaluation of the current strong local currency.
They also say decentralizing control under the current account includes measures to deregulate the rigidly controlled foreign exchange system. This will allow more citizens to buy foreign exchanges for travel and create a national forex market that could eventually allow both financial enterprises and individuals to trade forex in the market.
The experts say China's change of currency exchange rate will not fundamentally change the world trade pattern. In light of recent calls for RMB revaluation, analysts say the government is exploring ways to make the currency more flexible.
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Editor: Yang Feiyang CCTV.com
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