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Gradual RMB move good for world economy: ADB chief
(Xinhua)
Updated: 2006-04-10 09:34 Vienna -- Asian Development
Bank President Haruhiko Kuroda said here on Sunday that the pace of the
adjustment of Chinese yuan should be decided by the Chinese authorities
themselves.
"A flexible yuan would be in the interests of the Chinese economy," Kuroda
told reporters at the end of a two-day meeting of the European and Asian finance
ministers.
"But only a gradual adjustment is appropriate for a country like China," he
said, adding China has been a powerhouse for world economic growth in recent
years.
Kuroda said China ended the yuan's peg to the U.S. dollar last July,
replacing it with a managed float with reference to a basket of major
international currencies.
"The move has resulted in more flexibility of the yuan," he said.
Speaking at the same news conference, Austrian Finance Minister Karl-Heinz
Grasser, whose country holds the rotating presidency of the European Union, said
a "gradual" move to a more flexible yuan exchange rate would be good for world
economy.
"A more gradual flexibility of the yuan would be a good thing," Grasser
added.
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