IMF's Rato calls for 'more flexible' Chinese exchange rate |
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Published
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Mon, 22 Jan 2007 11:20
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TOKYO (XFN-ASIA) - IMF managing director Rodrigo Rato has called on China to be 'more flexible' in setting its exchange rates.'A more flexible exchange rate regime is in the interest of China,' Rato told reporters on a visit to Tokyo.He gave no indication of what he considered to be a desirable level of flexibility.The US and other major industrialized countries accuse China of keeping its yuan artificially low to make its manufacturing exports cheaper.China in July 2005 ended a decade-long peg to the dollar in favor of a managed float and has repeatedly promised to allow its forex regime to become more flexible.The yuan closed today at 7.7735 to the US dollar on China's exchange traded market.afp
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ECB urges China to boost forex flexibility; says it can cope with stronger yuan 