【2010.03.08 路透社】无视人民币尽快升值呼声 中国称将以渐进可控的方式改革汇率体制

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China cautions against expecting fast yuan rise
http://www.reuters.com/article/idUSTRE6272MG20100308

Langi Chiang and Simon Rabinovitch
BEIJING Mon Mar 8, 2010 7:27am EST




Commerce Minister Chen Deming said a halt to the yuan's appreciation since mid-2008 was part of a panoply of pro-growth policies to prop up the economy during the global credit crunch.

"Exiting from the stimulus does not mean all these measures will disappear. They will still be there, but there will be some fine-tuning," Chen told Reuters on the sidelines of the country's annual session of parliament.

China has effectively re-pegged its exchange rate at around 6.83 yuan per dollar since mid-2008 to help its exporters during the global financial crisis and is under intense pressure from the United States and Europe to abandon the peg.

"The movement and degree of stability in the yuan in times of crisis ought to be different from when there is no crisis," he said. But he added: "The direction of yuan reform will be gradual and controlled."

Central bank governor Zhou Xiaochuan, speaking on Saturday, also stressed the need for policymakers to proceed with caution.

But Zhou broke new ground by stating that exiting the stimulus would sooner or later spell the end of the "special yuan policy" adopted to counter the financial crisis.

"This is the most explicit comment on the renminbi's exit from current de-facto peg made publicly by top Chinese policymakers so far," HSBC's chief China economist, Qu Hongbin, said in a note to clients. The yuan is also called the renminbi.

He said stronger economic growth, rebounding exports and the emergence of inflationary pressures supported his view that China would move away from the yuan's peg as early as next quarter.

"Yet the pace of appreciation will likely be gradual. We expect USD/CNY exchange rate at 6.50 at the end of this year."

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