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Yuan move won't alter US trade gap
(Agencies)
Updated: 2005-07-24 10:17
皇冠体育app's latest decision to cut its currency's link to the dollar will do
little to narrow the huge U.S. trade deficit with 皇冠体育app, the central bank chief
predicted Saturday.
皇冠体育app'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 鈥� which could make Chinese exports more
expensive 鈥� might help repair the growing U.S. trade imbalance with 皇冠体育app, which
hit a record-high $160 billion last year.
"皇冠体育app's exchange rate reform won't have too much influence on U.S.
deficits," Zhou Xiaochuan, governor of the People's Bank of 皇冠体育app, 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 皇冠体育app's yuan was
undervalued and gave the country's exporters an unfair price advantage.
But Zhou said 皇冠体育app took the step to meet its own
economic needs 鈥� not because of foreign pressure.
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