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US, other nations urge more RMB appreciation
(Agencies)
Updated: 2005-09-02 14:57

The United States and other nations are urging China to take additional steps to let the value of the yuan rise further against the US dollar, a top US Treasury official said Thursday.

The yuan has appreciated by less than 0.2 percent against the dollar since July 21, when authorities revalued the currency at 8.11 to the dollar, up about 2 percent from the previous rate of 8.27 yuan. At the same time, Beijing began linking the yuan's value to a basket of currencies, though it limits daily movements to within a 0.3 percent range of its opening level.

Financial officials from the Group of 20 developing and industrialized countries, now meeting in the Chinese port city of Dalian, urged Beijing to let the yuan move further, said US Treasury Undersecretary for International Affairs Timothy Adams.

"There were a number of statements today ... acknowledging the move of the Chinese and welcoming the move and urging the Chinese to do what they said they plan on doing, which is to put in place greater flexibility over time," Adams said.

Adams said that Li Yong, a vice minister of finance, assured him China will be making further adjustments.

"What he said to me was generally consistent with what we've read in the press over the last month or so, that this is a process and that over time we will see greater liberalization," Adams said.

Chinese officials have said Beijing does not plan to make any further one-off shifts in the yuan's value. They have emphasized their determination to keep the yuan's value stable, while also shifting to a more flexible foreign exchange regime.

The US side has contended that the July 21 revaluation wasn't a big enough move. Since July 21, the yuan has gained less than 0.2 percent against the dollar.

Critics of China's currency policies argue that the yuan is undervalued by as much as 40 percent against the dollar, giving Chinese manufacturers an artificial price advantage.

Chinese President Hu Jintao is expected to face further pressure on the issue during a visit next week to the United States.

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