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Yuan substantially undervalued – IMF
Filed under NewsJul 29WASHINGTON – The Chinese currency is “substantially” undervalued, a senior IMF official said Wednesday, despite Beijings action to let the yuan trade more freely.
“I think the staff view on the currency is that the renminbi (yuan) remains substantially below the level that is consistent with medium-term fundamentals,” said Nigel Chalk, who recently led an International Monetary Fund mission to China for annual consultations on Beijings policies.
He made the comment following a split within the IMF over the current value of the Chinese currency apparent in a report issued late Tuesday by the Washington-based funds executive board after the consultations.
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Mar 13
BEIJING – The United States should not make a political issue out of the yuan, a Chinese central banker said on Friday, as the two countries lurched towards a potentially serious clash about Beijings currency regime.
Peoples Bank of China Vice Governor Su Ning was responding to a question about remarks on Thursday by US President Barack Obama, who called on China to move to a “more market-oriented exchange rate”.
Tagged as: Bank of China Vice, bank;, Barack Obama;, Beijing, central banker, China;, Department of the Treasury, Development Research Centre, Director, economist, Governor, Li Jianwei, People's Bank of China, President, Reuters;, Standard Charter, Stephen Green, Su Ning, United States;, US Treasury, USD;, Washington; -
China central bank to keep yuan stable
Filed under NewsMar 7BEIJING – Chinas central bank pledged on Saturday to keep the yuans exchange rate basically stable in 2010 and said it would be flexible in implementing its fairly loose pro-growth monetary policy.
The Peoples Bank of China has already ordered banks twice this year to increase the proportion of deposits they must hold in reserve, rather than lend out, in order to gently slow the red-hot economy and nip inflation in the bud.
Tagged as: Australia;, bank governors, Bank of China, bank;, Beijing, Brussels, Chen Deming, China;, commerce minister, Exports, extraordinary monetary stimulus, finance ministers, G20, International Monetary Fund;, Malaysia;, ordered banks, PBOC Governor, People's Bank of China, Premier, representative, Reuters;, stable BEIJING, Washington;, Wen Jiabao, World Trade Organisation, Zhou Xiaochuan
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