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Chinese Official Brushes Aside Yuan Floatation Reports
A senior Chinese trade official on Tuesday brushed aside reports that the IMF has asked China to float the yuan later this year or in early 2001, local media said.
Shi Guangsheng, foreign trade and economic cooperation minister, in a meeting with visiting Hong Kong financial secretary Donald Tsang in Beijing, told reporters: "I haven't heard about it."
"China's entry to the World Trade Organisation (WTO) does not have any direct link with the floatation of the yuan," he said.
Shi said China's entry into the WTO will bring a wealth of business opportunities to Hong Kong, especially in trade, investment, financial services and insurance, though competition will also increase.
"With the exceptional advantages between the motherland and Hong Kong, I believe Hong Kong can manage it," said Shi.
Chinese Premier Zhu Rongji reportedly said during a meeting with Hong Kong tycoons last week that the International Monetary Fund (IMF) has asked China to allow the yuan to float in the fourth quarter of this year or the first quarter of next year, the Chinese-language Ming Pao daily said on Monday.
The newspaper said the issue would be one of the key items to be discussed at the summer seaside resort of Beidaihe soon where members of the Chinese top leadership meet to discuss major policies.
Meanwhile, local media reports on Tuesday said Zhu, who left Beijing for Bulgaria Tuesday at the start of an official visit to six European nations, is expected to bring up the subject of the floatation of the yuan in talks. He is being accompanied on the trip by the governor of the People's Bank of China, Dai Xianglong, and other leading officials.
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