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IMF says China policy to help yuan revalue

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1 IMF says China policy to help yuan revalue on Sun Oct 03, 2010 6:16 pm


October 3, 2010 11:48 AM EST
IMF says China policy to help yuan revalue

Policy moves by the Chinese government to free the yuan from a dollar peg will help the Chinese currency rise, Dominique Strauss-Kahn, the head of the International Monetary Fund, said on Saturday.

"I am confident that the new policy of the Chinese authorities will lead to the revaluation of the yuan," Strauss-Kahn said during a conference in the Black Sea resort town.

Finance Ministers from the Group of Seven major industrialized nations will meet informally on the sidelines of an IMF meeting in Washington on October 8, which will focus on potential currency depreciations by some countries who may seek to increase exports.

China's policy of keeping the yuan artificially weak has drawn criticism that Beijing is maintaining an artificial advantage in international trade at cost of jobs in consumer countries.

Strauss Kahn warned against efforts by other countries to hide their own economic problems behind China's currency policy.

"This kind of policy is in their own interests. The revaluation of the renminbi should not be used (by other governments) as a curtain to hide problems in their own country. It is always easy to have scapegoats"

(Reporting by Olzhas Auyezov; Writing by Melissa Akin in Moscow; Editing by Sugita Katyal)

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