Arts & Culture 
 Business 
 Environment 
 Government 
 Health 
 Human Rights 
 Military 
 Philosophy 
 Science 
 U.S. Asian Policy 


Home > East Asia > 

Beijing rejects US call for market RMB exchange rate
AFAR
9/2/2003



 Related Articles
Traditional Culture: One Must Pay Back One's Debts
Acts Upon a Stage (Part 5 of 5)
Acts Upon a Stage (Part 4)
Acts Upon a Stage (Part 3)
Taiwan's Culture of Food
Acts Upon a Stage (Part II)
Chinese Dance in Ancient History
Acts Upon a Stage (Part I)
A Story from History: Jiang Balang Paid His Debt
China's Slavery Scandal Reveals Weaknesses in Governance
 
[Beijing, September 2, 2003] Despite pressure from the U.S. and its allies such as Japan to allow its currency exchange rate to fluctuate with the market, Beijing reaffirms its position for a fixed RMB exchange rate via its central bank control.

In recent years, due to favorable exchange rates, China's trade with Japan and the U.S. has increased while the manufacturers in these two developed countries suffer enormously, incapable of competing with cheaper labor in China.

It remains to be seen how long Beijing can hold out in the face of such mounting pressure to change its current currency exchange rate.

© Copyright 2002-2007 AFAR