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Yuan move won't alter US trade gap
(Agencies)
Updated: 2005-07-24 10:17

China's latest decision to cut its currency's link to the dollar will do little to narrow the huge U.S. trade deficit with China, the central bank chief predicted Saturday.


China's exchange rate reform is a 'slow business', central bank head Zhou Xiaochuan said on May 24, 2005. [AFP]
The remark came after American analysts said the shift — which could make Chinese exports more expensive — might help repair the growing U.S. trade imbalance with China, which hit a record-high $160 billion last year.

"China's exchange rate reform won't have too much influence on U.S. deficits," Zhou Xiaochuan, governor of the People's Bank of China, said at a conference of bankers.

It was his first public comment since the surprise announcement Thursday that the central bank was pushing the yuan up by 2.1 percent against the dollar and adopting a more flexible exchange rate system that could allow it to slowly rise further.

The decision to remove the peg to the dollar followed years of lobbying by the United States and other trading partners who maintained China's yuan was undervalued and gave the country's exporters an unfair price advantage.

But Zhou said China took the step to meet its own economic needs — not because of foreign pressure.
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