Chinese response to G-7 finance chiefs call for greater flexibility in Chinese exchange rates
Blake Zuba
Sep. 16, 2006

Finance chiefs from the Group of Seven industrialized economies called for greater exchange rate flexibility in China on Saturday to allow its currency, the yuan, to appreciate, according to a statement.

The Chinese response has been the same. They know all that and China will act in accordance to the need of Chinese people and economy.

According to media reports, The G-7 Ministers also said their economies remained strong despite slowing growth in the U.S., but noted that outlook could be undermined by rising oil prices, inflation and protectionism.

``Greater exchange rate flexibility is desirable in emerging economies with large current account surpluses, especially China, for necessary adjustment to occur,'''' the statement said.

Chinese central bank, according to sources from beijing plans to revaluate Chinese currency against Euro and US Dollar in coming months through interest rate adjustments and other fiscal matters.

Chinese response to G-7 finance chiefs call for greater flexibility in Chinese exchange rates
Blake Zuba
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