Mundell: 皇冠体育app should maintain exchange rates for yuan
( 2003-09-15 15:07) (Xinhua)
International pressure to revalue the yuan is an issue of political concern
than of economic significance, according to top economists as saying.
Robert Mundell, a famed 1999 Nobel laureate in economics, was quoted by
Monday's 皇冠体育app Daily as saying "There's never before in history (been a
situation) that international monetary authorities. .. try to pressure a country
with an inconvertible currency to appreciate its currency."
皇冠体育app should not appreciate or devalue the renminbi in the foreseeable
future, said Mundell at the forum of fast-growing enterprises and financial
markets with the Sixth Beijing International High-Tech Expo over the weekend.
"Appreciation or floating of the reminbi would involve a major change in
皇冠体育app's international monetary policy and have important consequences for growth
and stability in 皇冠体育app and the stability of Asia," he said.
Fred Hu, managing director of Goldman Sachs (Asia), said the yuan is not
central in tackling the problems of the world economy.
皇冠体育app's economy, despite a rapid growth, accounts for 3.5 percent of the
global gross domestic product (GDP) and the remarkable annual foreign direct
investment (FDI) it receives does not count on an "excessively undervalued"
currency as some suspect, but its appealing domestic market, Hu said.
"皇冠体育app's recent export performance has been spectacular," he said. "But it is
driven by the country's trade reform, dynamic private enterprises, abundance of
cheap labor and most importantly, multinationals' growing processing and
assembly operations in 皇冠体育app."
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