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ADB chief urges Beijing to voluntarily revalue yuan+

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ADB chief urges Beijing to voluntarily revalue yuan+
5/1/2010, 8:40 a.m. EDT
The Associated Press

(AP) — TASHKENT, May 1 (Kyodo)-The president of the Asian Development Bank, Haruhiko Kuroda, urged the Chinese government Saturday to voluntarily let its currency, the yuan, appreciate.

At a press conference in Tashkent, which will host the ADB general meeting on Monday and Tuesday, Kuroda said a flexible currency regime will contribute to the smooth adjustment of the economy, although China should decide when and by how much it should appreciate.

Kuroda also said that while the Asian economy was not the last to recover from the global financial crisis, overheating in real estate markets in China and rises in crude oil prices still remain concerns for the regional economy.

Kuroda also said the scale of the ADB operations in 2009, including its loans, rose 42 percent from the previous year to around $16.1 billion (some 1.5 trillion yen) as it enhanced financial support for crisis-hit developing countries.

The ADB is expected to maintain its operations at around the same level this year.

Referring to the turmoil in Europe caused by the Greek debt problem, Kuroda said there is little concern that it will spread to Asia.

In Tashkent, meanwhile, the Japanese government officially decided to extend 27.4 billion yen of credit to Uzbekistan, which will be used to expand a power station in the country.

Finance Minister Naoto Kan, who visited the country to take part in the ADB general meeting, attended the signing ceremony.

The ADB will also extend $350 million (33 billion yen) in loans to Uzbekistan.
©️ 2010 Associated Press. All Rights Reserved.


I hope and pray they do, so that we can get rich.

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