Don't miss

Replay


LATEST SHOWS

FRANCE IN FOCUS

French education: Reinventing the idea of school

Read more

FRENCH CONNECTIONS

Frogs legs and brains? The French food hard to stomach

Read more

#TECH 24

Station F: Putting Paris on the global tech map

Read more

THE INTERVIEW

Davos 2017: 'I believe in the power of entrepreneurs to change the world'

Read more

#THE 51%

Equality in the boardroom: French law requires large firms to have 40% women on boards

Read more

FASHION

Men's fashion: Winter 2017/2018 collections shake up gender barriers

Read more

ENCORE!

Turkish writer Aslı Erdoğan speaks out about her time behind bars

Read more

REVISITED

Video: Threat of economic crisis still looms in Zimbabwe

Read more

BUSINESS DAILY

DAVOS 2017: Has the bubble burst?

Read more

IMF urges Beijing to speed up yuan appreciation

Latest update : 2008-02-15

IMF chief Dominique Strauss-Kahn called for 'a faster pace of appreciation' for the Chinese currency on Friday as part of an effort to 'preserve global economic stability'.

China should speed up appreciation of its currency, the yuan, to address its own economic challenges and help global stability, the head of the International Monetary Fund said Friday.
   
"On exchange rate policy, we welcome the authorities' objective of allowing greater flexibility over time," IMF Managing Director Dominique Strauss-Kahn said in a statement issued at the end of a visit to China.
   
"However, we encourage a faster pace of appreciation that would be helpful for addressing China's key economic challenges and would also contribute to preserving global economic stability."
   
China moved the yuan away from a pegged exchange rate to the US dollar in July 2005, and has since allowed its currency to strengthen by about 15 percent.
   
Especially in recent months, observers have noted that the speed at which the currency has risen in value against the US unit has picked up.
   
"The figures we have show that for a rather high number of months now, the real exchange rate is moving in a good direction," Strauss-Kahn told a briefing in the Chinese capital, a day after meeting Premier Wen Jiabao.
   
Despite this development, overseas pressure on China to allow even faster appreciation has been maintained.
   
David McCormick, US Treasury under secretary for international affairs, late last month praised China's efforts to allow its yuan to appreciate to better reflect the strength of its economy, but said it was not moving fast enough.
   
China is widely criticised for allegedly allowing its currency to remain at an artificially low level, giving its exporters an unfair advantage and contributing to massive trade surpluses with the US and European economies.

Date created : 2008-02-15

COMMENT(S)