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Chinese president reiterates stance on RMB valuation (10/20/03)




A stable Renminbi yuan serves the sound operation of China's economy and conforms to the requirements for economic development in Asia and the whole world, Chinese President Hu Jintao said in Bangkok On Oct.20.

Addressing the CEO Summit of the Asia-Pacific Economic Cooperation (APEC) forum, Hu said China would maintain the basic stability of the Chinese currency RMB at a reasonable and balanced level, and take further steps to improve the rate-forming mechanism of RMB amid deepened financial reform.

"China follows a market-based, single and managed floating exchange rate system, which is consistent with the current status of China's economy, its level of financial regulation and the sustainability of its enterprises," said the Chinese president, who is here on a state visit and will later attend the 11th APEC Economic Leaders Meeting.

Hu noted that when the Asian financial crisis struck in 1997, China insisted that its currency not devalue and kept the RMB exchange rate stable in a responsible manner when currencies of many of its neighbors depreciated substantially.

"China made its contribution to financial and economic stability in Asia and the world at large," he said. "This time, we will act in the same manner of responsibility in the handling of the RMB exchange rate issue."

 


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