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A tight control of China on its currency follows Indian pattern – a damper on American hopes
Dalia Gomez
Jul. 24, 2005
China kept its newly unpegged and revalued currency on a tight rein on Friday, with the renminbi ending the day slightly lower against the dollar. This follows the Indian style of currency manipulation by the Reserve bank of India.
The decline appeared intended by Beijing to cool hopes that the policy change would open the way to the type of significant appreciation Washington has been demanding. US critics say the renminbi is undervalued by more than 20 per cent and gives China an unfair trade advantage.
But the pressure will be soon on India and China to appreciate their currency levels to a fair value level to make the international trade between countries fair.
In its first day of trade after a 2.1 per cent revaluation against the dollar, the renminbi slipped to 8.1111 from its opening of 8.1100.
The Indian currency is also under question by the EU and America for revaluation.
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