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China aware of need to let yuan rise: IMF

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1 China aware of need to let yuan rise: IMF on Mon Apr 26, 2010 3:53 pm


China aware of need to let yuan rise: IMF
25 Apr 2010, 0019 hrs IST,AGENCIES

WASHINGTON: China recognizes the need to let its currency strengthen against the dollar and other currencies, a senior IMF official said on Saturday.

There is a "wide range of recognition that strengthening the currency is part of the policies needed to raise private consumption and help introduce a new engine for growth," said Anoop Singhmg, the head of the IMF's Asia unit.

China's currency rates have been the focus of heated debates in recent weeks as the United States urged Beijing to let its currency strengthen to correct trade imbalances.

Chinese leaders have long rejected US, and European, complaints that it grabs an unfair trade advantage by keeping the yuan artificially weak against the dollar.

During the global crisis of the past two years, the currencies of most developing countries gained against the enfeebled dollar, making their exports more expensive compared to China-made goods.

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