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China not to readjust RMB exchange rate in Jan.
www.chinanews.cn 2005-12-13 15:29:25
Chinanews, Dec. 13 - Shanghai Securities News reports that yesterday,
People's Bank of China (PBC) Governor Zhou Xiaochuan denied the hearsay
that China would readjust RMB exchange rate next January. He also
indicated that PBC has no fixed arrangements for swap business.
At the Caijing Magazine annual meeting held yesterday, Zhou criticized
the economic forecast in a transition period, pointed out some aspects
that need improvement, and said that attention should be paid to
intrinsic flexibility of the Chinese economy.
Zhou deemed that during the transition period, economic forecast shall
prevent "rigid assumptions," such as rigid price level despite
manufacturers' consumption of materials and consumers' demands, rigid
import and export, stagnant labor force, laborers and wage level,
inflexible investment and interest rates, and no bankruptcy or shutdown
of enterprises.
Zhou stressed that a flexible Chinese economy will see ebbs and flows.
Therefore, economic forecast should focus on digging out and manifesting
intrinsic relations. Accelerating flow of work force, growing proportion
of private enterprises as well as small and medium-sized enterprises,
plus intensifying market-oriented reform will help enhance flexibility of
the Chinese economy. He suggested that economic forecast value adoption
of basic theories, analysis of changeable factors, and studies on
countable common proportion, production function and utility function on
the basis of econometric theories.
"Some deem that economic transition should take the 'shock therapy,' but
China's step-by-step reform has proved its favorable effects," said Zhou,
"we must take intrinsic flexibility into full account when analyzing how
an economy should handle its future."
��RMB appreciated by 0.4% since July
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