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Friday May 06, 11:16
China needs more flexible rate, US, Japan say
(by Roy Deng)
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The US and Japan demand that China unpeg its currency, saying the rigid mode of renminbi leads to losses in the world’s two top economies.
China has been keeping its yuan stable for over seven years at roughly 8.28 per dollar. The rate harmed the US economy by pushing cheaper Chinese goods that received unfair advantage on weaker dollar, according to the Bush administration.
The US tied up its efforts with Japan to raise pressure on China that promised to make yuan more flexible several times. The annual Asian Development Bank meeting showed that the two countries decoded to resolve the problem the sooner the better.
«The flexible exchange rate can be one of the factors contributing to correcting the imbalances. In overall terms, it is desirable to see further flexibility in the exchange rate regime,» said Japanese Finance Minister Sadakazu Tanigaki during the meeting. «It is not right to correct the imbalances only through the adjustment of the exchange rate,» he added.
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