Exchange rate 'sovereign rights'
By Wang Yanlin |
April 1, 2010, Thursday
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Print Edition
Print Edition
CHINA should keep the yuan's exchange rate stable and not yield to pressure from the United States which is demanding an appreciation in the currency's value, Cheng Siwei, a former top legislator, said yesterday in Shanghai.
"The exchange rate is an issue of sovereign rights. It should be decided by China, not anybody else," Cheng said at a forum organized by the School of Management at Fudan University. Cheng is former vice chairman of the Standing Committee of the National People's Congress and is doing a nation-wide research on the country's exchange rate.
Although the ultimate goal remains a free convertibility of the yuan, the exchange rate should not fluctuate too widely taking into account China's current development level and the need to safeguard the country's economic security, Cheng said.
"There is no timetable for full convertibility because it will create unreasonable expectations and overreaction in the market," Cheng said. But he added it would happen "in a not too remote future."
Cheng made the remarks amid rising political pressure in Washington to declare China a currency manipulator which would give American lawmakers an excuse to impose duties on Chinese products if China does not revalue the yuan.
China's Minister of Commerce Chen Deming last week accused the US of politicizing the currency issue ahead of an April 15 deadline for the US Treasury to rule whether China is "unfairly" holding down its exchange rate.
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