{"id":125784,"date":"2011-10-26T16:17:08","date_gmt":"2011-10-26T23:17:08","guid":{"rendered":"http:\/\/chinadigitaltimes.net\/?p=125784"},"modified":"2011-10-26T16:17:08","modified_gmt":"2011-10-26T23:17:08","slug":"china-calls-rapid-yuan-rise-impossible","status":"publish","type":"post","link":"https:\/\/chinadigitaltimes.net\/2011\/10\/china-calls-rapid-yuan-rise-impossible\/","title":{"rendered":"China Calls Rapid Yuan Rise Impossible"},"content":{"rendered":"<p>The Ministry of Foreign Affairs on Wednesday commented <strong><a href=\"http:\/\/online.wsj.com\/article\/SB10001424052970203554104576654543395425266.html\">that yuan appreciation in the near term is out of the question.<\/a><\/strong> While the yuan has risen around 30% against the U.S. dollar, Foreign Ministry spokeswoman Jiang Yu asserts that the yuan is close to reasonable equilibrium level. From the Wall Street Journal:<\/p>\n<blockquote><p>&#8220;In the short term, pushing for rapid yuan appreciation is not possible. If Chinese economic growth slows, it will reduce global aggregate demand,&#8221; Ms. Jiang said.<\/p>\n<p>In public comments about the issue, Chinese officials have stressed that yuan reform will be gradual, but haven&#8217;t explicitly said that rapid appreciation is off the table.<\/p>\n<p>Standard Chartered economist Stephen Green projected Tuesday that the yuan&#8217;s appreciation against the dollar will slow to 3% to 4% in 2012 from 5.5% in 2011, due to China&#8217;s slowing economic growth.<\/p>\n<p>On Wednesday, Bank of America-Merrill Lynch economist Lu Ting said that due to recent dollar strength, the yuan has actually appreciated by 4.1% against a broader basket of currencies since the end of July.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Foreign Affairs on Wednesday commented that yuan appreciation in the near term is out of the question. While the yuan has risen around 30% against the U.S. dollar, Foreign Ministry spokeswoman Jiang Yu asserts that the yuan is close to reasonable equilibrium level. From the Wall Street Journal: &#8220;In the short term, [&hellip;]<\/p>\n","protected":false},"author":987,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[116,2,100],"tags":[1111,14850,14855,442,638],"class_list":["post-125784","post","type-post","status-publish","format-standard","hentry","category-world","category-economy","category-politics","tag-currency-evaluation","tag-jiang-yu","tag-ministry-of-foreign-affairs","tag-renminbi","tag-yuan","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China Calls Rapid Yuan Rise Impossible<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/chinadigitaltimes.net\/2011\/10\/china-calls-rapid-yuan-rise-impossible\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Calls Rapid Yuan Rise Impossible\" \/>\n<meta property=\"og:description\" content=\"The Ministry of Foreign Affairs on Wednesday commented that yuan appreciation in the near term is out of the question. While the yuan has risen around 30% against the U.S. dollar, Foreign Ministry spokeswoman Jiang Yu asserts that the yuan is close to reasonable equilibrium level. 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