Outside pressure not to impact yuan's rise: bank chief

13:39, February 18, 2011      

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China's central bank governor Zhou Xiaochuan told reporters in Paris that China will decide the pace of the appreciation of the yuan on its own and would not take into account pressure from other countries.

Ahead of a meeting of G20 finance ministers and central bankers in Paris this week, India and Brazil have joined the United States in voicing concern about the slow speed of the yuan appreciation.

"External pressure has never been an important factor of consideration and we have never paid special attention to it," Zhou said on the sidelines of the G20 gathering.

"We mostly depend on our judgment ... to adjust the yuan's value independently," he added. "We do not pay too much attention to whether external pressure is great or not."

"From our own independent point of view, for the sake of developing our own financial markets ... we need to reform the system and make it more flexible," he said.

Many in the market expect the yuan to rise by around 5 percent this year. Yet with rising prices at home, economists say China has more reason to let appreciation gather speed to curb inflation.

People's Daily Online / Agencies
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