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China says to stick with gradual yuan reform

BEIJING
Fri Dec 5, 2008 9:54am EST

BEIJING (Reuters) - China will stick to the long-standing policy of gradual currency reform to keep the yuan's exchange rate basically stable, a senior finance ministry official said on Friday.

China  |  Crisis in Credit

At the Sino-American "Strategic Economic Dialogue," the United States called for China to let the yuan trade more freely and to rise more quickly.

Zhu Guangyao, assistant minister of the Finance Ministry, told reporters that the yuan has risen more than 20 percent against the dollar since July 2005.

"We want to see stable exchange rates in major global currencies such as the dollar, euro and the yen. And we will stick to our gradual principle in yuan reform," he said.

Zhu also said the two sides did not discuss widening the daily yuan trading band.

(Reporting by Zhou Xin, Writing by Eadie Chen; Editing by Ken Wills)

(eadie.chen@reuters.com; +8610 6627 1268; Reuters Messaging: eadie.chen.reuters.com@reuters.net))
China
Crisis in Credit


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