February 10, 2010, 9.46 am (Singapore time)
China will not see big yuan rise in H1
BEIJING - China should not allow any major yuan appreciation in the first half of the year and will not give in to foreign demands to let its currency rise, an official newspaper said on Wednesday.
China will judge for itself when to resume yuan appreciation and will try to coordinate a rise in the yuan with other tightening policies, such as higher interest rates, the China Securities Journal said in a front-page editorial.
Beijing will not passively submit to US pressure for appreciation, it added.
'Given the current situation, the conditions are not right for big yuan appreciation in the first half at least,' it said.
The editorial also noted that China needed to be cautious because early appreciation could attract hot money from abroad, which would undermine the country's economic recovery and exacerbate a property bubble.
Beijing has in effect re-pegged the yuan around 6.83 per dollar to help its exporters and shore up financial stability since mid-2008 when the global financial crisis intensified. -- REUTERS
China will not see big yuan rise in H1
BEIJING - China should not allow any major yuan appreciation in the first half of the year and will not give in to foreign demands to let its currency rise, an official newspaper said on Wednesday.
China will judge for itself when to resume yuan appreciation and will try to coordinate a rise in the yuan with other tightening policies, such as higher interest rates, the China Securities Journal said in a front-page editorial.
Beijing will not passively submit to US pressure for appreciation, it added.
'Given the current situation, the conditions are not right for big yuan appreciation in the first half at least,' it said.
The editorial also noted that China needed to be cautious because early appreciation could attract hot money from abroad, which would undermine the country's economic recovery and exacerbate a property bubble.
Beijing has in effect re-pegged the yuan around 6.83 per dollar to help its exporters and shore up financial stability since mid-2008 when the global financial crisis intensified. -- REUTERS