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RMB Not to Devalue in Two Years: Chinese Government
The Renminbi will not devalue and the exchange rate remain stable within two years to come, high-ranking official from the Chinese government told Hong Kong media recently. Experts say the status of RMB has been lifted because of China's political stability and sustained economic growth.
Since this year the US economy has slowed down and that of Japn's deteriorated, which has raised much concern about RMB exchange rate. It is wise for the Chinese government, no doubt, not to devalue RMB in exchange for export growth.
Following a pro-active fiscal policy, China's investment market and domestic demand grow rapidly with a GDP growth exceeding 7.5 percent this year. What's more, China's economy will maintain a fast growth rate next year in view of periodical economic growth and international trend.
The Chinese government will open up step by step its domestic capital market while keeping RMB exchange rates in good stability following relevant regulations after WTO entry.
By PD Online staff member Li Heng
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