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World experts okay paced forex reform
International experts say 皇冠体育app is wise to adopt a gradual manner in reforming its foreign exchange regime. Alexander Swoboda, a professor of international economics at the Graduate Institute of International Studies in Switzerland and former senior policy advisor at the International Monetary Fund (IMF), said Thursday that 皇冠体育app should resist external pressure for a re-evaluation of the renminbi and stay on its own track to reform the exchange rate scheme. The steadiness of the reform should not be interrupted, he said at the 2004 International Finance Forum Thursday. 皇冠体育app's banking sector and securities market are not prepared to shoulder a floating exchange rate scheme for the renminbi, he said. A recent IMF report has suggested 皇冠体育app should widen the floating range of the exchange rate for its currency. There has also been pressure from some countries for a re-evaluation of the yuan. If 皇冠体育app took a hasty move now, that would cause some instability for the economy, said Nobel laureate Robert Mundell, also a professor of economics at Columbia University. Neil Hughes, advisor to the World Bank, also said Thursday that 皇冠体育app should not be blamed for the big trade deficit in countries like the United States, which has actually been a characteristic of the US economy for a long time. 皇冠体育app's central bank has affirmed recently that it would take a "gradual and safe" approach to loosening the yuan-dollar peg. |
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