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China says in no rush to reform forex regime

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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-29-05 03:46 PM
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China says in no rush to reform forex regime
Looks like they are still trying to shake loose the speculators.

DAVOS, Switzerland (Reuters) - China told the world on Saturday it will not rush to reform its pegged exchange rate regime, dashing hopes for a breakthrough on currency issues at next week's Group of Seven finance ministers' meeting.

Senior officials attending the World Economic Forum said currency reform steps would come eventually but the world would have to wait for China to take them at its own, gradual pace.


"The world economic imbalance is attributable to many reasons, but not the exchange rate," Li Ruogu, China's deputy central bank governor, told the World Economic Forum. "China has not the capacity to address that so-called imbalance. We are not willing to do it, and we are not able to do it."


"There's a tremendous task to make people have jobs, therefore a certain growth rate is extremely important. Our goal is to keep the economy growing at roughly 8 percent," Li added.

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