Source: CCTV.com
12-06-2008 11:52
Special Report: 5th China-U.S. SEDWe stay on the exchange-rate policy with China's assistant Finance Minister calling for major economies to take action to stabilize their currencies amid growing instability in the financial environment.
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| Assistant Finance Minister Zhu Guangyao said China hopes to see more stability in exchange rates for major global currencies, such as the dollar, the euro and the yen.(CCTV.com) |
Assistant Finance Minister Zhu Guangyao said China hopes to see more stability in exchange rates for major global currencies, such as the dollar, the euro and the yen.
Zhu Guangyao, Assistant Minister, Chinese Ministry of Finance, said, "A stable external economic environment is very important for developing countries affected by the global financial crisis. We hope major industrialized countries will shoulder their responsibilities and take measures to maintain stability in their currencies."
The just-ended SED saw active debate over currency values.
US Treasury Secretary Henry Paulson says Washington recognize China's progress in reforming the yuan exchange rate regime, with the currency rising 20 percent since being depegged from US dollar in July 2005. Paulson said he hopes to see continued development in such reforms.
But Zhu Guangyao was keen to stress that China will make its own decisions and take a gradual and well-managed approach to reform of its exchange rate. The official said policies will be made and managed based on market demand, and in reference to a basket of major currencies.
Speaking at a press briefing, Zhu Guangyao added that China has no plans to inject more forex reserves into its Sovereign Wealth Fund, the China Investment Corporation. The official stressed that forex investment targets strong, safe profits, while also maintaining relative liquidity.
Zhu Guangyao said China hopes for more mutual trade and investment with the United States to build a resilient global economy. As the end of September, China held nearly 585 billion dollars in US Treasury debt making it the largest foreign creditor of the US government.
Editor:Zhang Pengfei
