China Pledges to `Push Ahead’ to Flexible Yuan Rate

From Bloomberg: “China pledged to “push ahead firmly and steadily” toward a more flexible exchange rate, yet stopped short of providing a timetable for when it will shift from the decade-old currency peg that has drawn fire from the Group of Seven industrial nations.

China has fixed the value of the yuan at about 8.3 to the dollar since 1995. The country’s biggest trading partners, including the U.S. and Japan, say that depresses the value of the currency and hands Chinese producers an unfair trading advantage by making their goods cheaper abroad. Central bankers, such as Alan Greenspan of the Federal Reserve, have warned it also risks stoking inflation in the world’s fastest-growing economy. ”

The full article is here.

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