A
AALARD
Guest
China: Currency changes to be gradual
BEIJING, (UPI) -- Any changes in the value of the renminbi, or yuan, would be gradual, the Chinese central bank announced Sunday.
The announcement was an attempt to reassure the Chinese that a move toward more flexible currency would not cause disruption, The New York Times reported.
The People's Bank of China said Sunday it wanted to "improve foreign exchange management and keep the renminbi exchange rate at a reasonable and balanced level of basic stability, and safeguard macroeconomic and financial market stability."
The newspaper said the bank's caution, and a resolve to limit the rate at which the renminbi rises against foreign currencies, is likely to upset members of the U.S. Congress, who have been urging more rapid changes. That impatience may surface when world leaders meet this weekend in Toronto, the report said.
If China did not take specific steps to push up the renminbi "in the next few days," Sen. Charles Schumer, D-N.Y., said Saturday, he would push forward with legislation that could impose restrictions on Chinese exports.
A stronger renminbi would make Chinese goods more expensive in foreign markets.
BEIJING, (UPI) -- Any changes in the value of the renminbi, or yuan, would be gradual, the Chinese central bank announced Sunday.
The announcement was an attempt to reassure the Chinese that a move toward more flexible currency would not cause disruption, The New York Times reported.
The People's Bank of China said Sunday it wanted to "improve foreign exchange management and keep the renminbi exchange rate at a reasonable and balanced level of basic stability, and safeguard macroeconomic and financial market stability."
The newspaper said the bank's caution, and a resolve to limit the rate at which the renminbi rises against foreign currencies, is likely to upset members of the U.S. Congress, who have been urging more rapid changes. That impatience may surface when world leaders meet this weekend in Toronto, the report said.
If China did not take specific steps to push up the renminbi "in the next few days," Sen. Charles Schumer, D-N.Y., said Saturday, he would push forward with legislation that could impose restrictions on Chinese exports.
A stronger renminbi would make Chinese goods more expensive in foreign markets.
