China vows to keep yuan basically stable (Xinhua) Updated: 2005-03-05 10:27
Chinese Premier Wen Jiabao reiterated here Saturday the renminbi exchange
rate would be kept "basically stable" at a rational equilibrium in 2005.
"We will push forward the reform of the exchange rate determination mechanism
step by step," Wen said in his government work report delivered at the opening
meeting of the Third Session of the 10th National People's Congress (NPC),
China's top legislature.
China's central bank announced earlier the country turned in "double
surpluses" -- in both current and capital accounts -- in 2004. In breakdown,
surpluses from current accounts -- which track trade, income from investments
and overseas workers, as well as one-way transfers such as foreign aid --
reached roughly 70 billion US dollars last year. Capital and financial account
surpluses reached about 112 billion dollars.
Top Chinese leaders and central bank authorities, however, have repeatedly
noted that the country should first ameliorate its financial system before
implementing a flexible exchange rate mechanism.
Some developed countries have said that China has held the yuan artificially
low, giving China's exporters an "unfair advantage" and contributing to its
trade surpluses.
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