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Stability in yuan important
By Chris Buckley |
September 21, 2010, Tuesday
|
Print Edition
Print Edition
CHINA needs "basic stability" in its currency to counter slower export growth and expectations of an appreciation in the yuan as global restocking slows and Western markets languish, a Chinese commerce official said in remarks published yesterday.
Wang Zixian, a deputy director of the Ministry of Commerce policy research office, said "a slowing of the export growth rate in coming months is a given," in an interview with the Chinese-language Financial News.
He said the slowdown would reflect the end of a worldwide cycle of restocking goods and the jobless recovery in major Western economies, as well as market hopes of a climb in the yuan's value and China's rising domestic costs.
China's domestic demand may not be enough to counter the effects of this slowdown, said Wang.
"If we're adept at seizing the opportunities of world trade recovery and continue to stabilize external demand, avoiding an excessively rapid slide in exports, we'll be able to ensure that the national economy can pull through this risky period," he said in the paper, which is published by China's central bank.
Wang said that China had to defeat the idea that yuan appreciation was a sure bet.
"Increase the elasticity of the yuan to fluctuate up or down, and weaken expectations of a one-sided appreciation, nipping in the bud inflows of hot money," he said.
China's annual export growth slowed to 34.4 percent in August from 38.1 percent in July, and its imports rose 35.2 percent from a year ago, giving a lower trade surplus of US$20 billion in August.
Wang Zixian, a deputy director of the Ministry of Commerce policy research office, said "a slowing of the export growth rate in coming months is a given," in an interview with the Chinese-language Financial News.
He said the slowdown would reflect the end of a worldwide cycle of restocking goods and the jobless recovery in major Western economies, as well as market hopes of a climb in the yuan's value and China's rising domestic costs.
China's domestic demand may not be enough to counter the effects of this slowdown, said Wang.
"If we're adept at seizing the opportunities of world trade recovery and continue to stabilize external demand, avoiding an excessively rapid slide in exports, we'll be able to ensure that the national economy can pull through this risky period," he said in the paper, which is published by China's central bank.
Wang said that China had to defeat the idea that yuan appreciation was a sure bet.
"Increase the elasticity of the yuan to fluctuate up or down, and weaken expectations of a one-sided appreciation, nipping in the bud inflows of hot money," he said.
China's annual export growth slowed to 34.4 percent in August from 38.1 percent in July, and its imports rose 35.2 percent from a year ago, giving a lower trade surplus of US$20 billion in August.
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