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Reply #17: Here's an interesting article regarding China's peg. [View All]

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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-24-04 03:45 PM
Response to Reply #11
17. Here's an interesting article regarding China's peg.

"We have an agreement on that with them," Snow told the Senate Budget Committee in Washington. "They have acknowledged the need to move to a flexible exchange rate," he said. "They rightly point out that they can't do it tomorrow, because their financial structures are so rudimentary, but they are beginning to take steps."

Snow has said that before China can float its currency, it needs to take steps to lower barriers to capital investment and deal with bad loans in the banking system.
"The current exchange rate is in line with the country's economic development, financial supervision ability and corporate strength," the People's Bank of China said on its Web site last week.

The deficit has drawn protests from lawmakers and manufacturers in the United States who say that China is sucking jobs away from the U.S. economy. Still, a revaluation of the yuan would not save jobs in the United States, the Federal Reserve chairman, Alan Greenspan, said in December. Companies would simply transfer production to low-wage countries, he said.
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