Hu Jintao, China’s president will agree to allow renminbi to become flexible within Chinese central bank's control but not appreciate any faster
Alex Wang
Sep. 21, 2006

Hu Jintao, China’s president will agree to allow renminbi to become flexible within Chinese central bank's control but not appreciate any faster.

China plans to welcome the fantastic diplomacy of Hank Paulson, the US Treasury secretary.He is urging Hu Jintao, China’s president, to allow the renminbi to appreciate more rapidly.

China's answer to that is to allow the currency become flexible like in India but not allow faster appreciation.

China's biggest problem is its internal banks in the domestic ewconomy. Hu Jintao plans to educate Hank Paulson what is happening injternal China. The Chinese central bank's major problem is the possibilities of total collapse of these Government owned and run banks that have underwritten billions of bad debts over decades.

That is a major concern for US and China. An implosion of Chinese economy will be devasting for the world.

Chinese currency will have no effective change in the currency policyexcept it will ask its central bank to follow Indian model of currency flexibility.

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Alex Wang
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