From Beijing Youth Daily, via the Press Interpreter:
“This revaluation caused many to be surprised, but it makes sense. China’s struck out some independent space for its currency!” was the reaction of Gao Huiqing, Ph.D., of the Development and Research Department of China’s National Information Center.
From the perspective of the current national and international economic environment, this decision to implement this currency adjustment is unusual. According to Gao Huiqing’s analysis, as far as the domestic situation is concerned, China’s economy is presently going through a critical period in which it is particularly sensitive. The general focus of society has shifted to the next step in China’s economic development. Regarding the fact that before the change, public attention paid to currency reform was not very high, many people thought that China could not possibly adjust the value of its currency at this time.
From an international perspective, the recent continued strength of the American dollar has lessened the pressure to increase the value of the yuan, and some investments have begun to thin out. Also, since May, the predictions of some international capital institutions regarding the revaluation of Chinese currency began to fall flat, and gradually caused people to forget entirely about this topic.
–Translated By Melissa Inouye and Joseph McMullin
[This article was posted on 7-22 on bjyouth.com. It has since been removed from the newspaper’s online archive]
