Calls to Strengthen RMB 'Groundless': WB Official

Home>>Business

Last updated at: (Beijing Time) Saturday, August 09, 2003

Calls to Strengthen RMB 'Groundless': WB Official

DISCUSSION

CHINESE

SEND TO FRIEND

The calls for China to strengthen the official currency of Renminbi are "groundless", Zhang Shengman,managing director of the World Bank, said in a speech at an international financial forum held Friday in Shanghai.

Although China's trade surplus to the United States reached about 100 billion US dollars, China's total trade surplus was about 30 billion US dollars, only one-fifth of the total of developing countries, said Zhang.

The rapid increase of China's exports is the result of global manufacturing relocation, which means that some increased production in China is not newly-added production but was moved from Malaysia or Thailand, said Zhang.

"In addition, the exports of China only account for 5 percent of the global total, so it is unbelievable that China's increasing exports caused global deflation," he said.

However, Zhang suggested that some kind of mechanism for changing the exchange rate of the Renminbi be developed in the future, depending on China's economic circumstances, such as widening the fluctuating range of the Renminbi.

Questions?Comments? Click here

ASEAN Ministers Support China's Position on RMB

Don't Expect RMB's Revaluation: Commenatry

Stable RMB Exchange Rate Benefits World Economy: Premier Wen

DPRK's Kim Jong Il Elected Member of Parliament ( 2 Messages)

Main Party of China's First Euthanasia Lawsuit Dies ( 2 Messages)

For Whom Does Jackie Chan Feel Pity and Shed Tears? ( 5 Messages)

News Analysis: Bush's Political Fortune to Rise or Fall? ( 4 Messages)

Japan to Be Restored as China's Biggest Tourism Source ( 3 Messages)