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China to maintain stability of Chinese currency
   CCTV.COM   2003-08-06 10:08:23   
    China will maintain the stability of the Chinese currency, the Renminbi. Chinese Premier Wen Jiabao said this is not only good for the Chinese economy, but also for the rest of the world. He was commenting on China's currency policy while meeting with visiting Citibank Chairman Robert Rubin on Tuesday.

    Premier Wen Jiabao said China is maintaining a stable RMB exchange rate based on the country's economic situation and its international trade. He said the policy complies with the country's current situation, and it serves the interest of the regional economy.

    He said that during the Asian financial crisis in 1997, China did not devalue the RMB, while many surrounding countries devalued theirs. China's efforts had contributed to the regional economic recovery.

    Recently, there have been widespread international calls to press Beijing to raise the value of its currency, but Chinese economists warn that appreciation would affect exports and wipe out millions of jobs in China. Premier Wen Jiabao says China is aware of the concern of the international community over the currency rate; China will further explore and improve China's RMB exchange rate mechanism

Editor: Xiao Wei

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