China Travel & Tourism News
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US Pressure on Yuan Revaluation Criticized
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| 18-May-2005 - China Radio International |
Some international financial experts have criticized US pressure on China to revalue the RMB exchange rate, saying the move is unreasonable.
Addressing the on-going Fortune Global Forum in Beijing, the experts think the US should cut its trade and fiscal deficits and improve the employment situation through economic reform instead of revaluing the currency.
HSBC expert Stuart T. Gulliver says US trade with China represents only 10 percent of its total trade. If China was to revaluate its currency, hypothetically by 25 percent, it would not be enough to solve the US trade problem.
Chairman of Merrill Lynch International, Kevan Watts says the importance of the Renminbi exchange rate has largely been overstated.
Morgan Stanley Chief Economist Stephen Roach indicates that the US pressure on RMB appreciation is out of political consideration rather than economic requirement.
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| 18-May-2005 - China Radio International |
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