| Economists: no exchange rate adjustment |
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| Tuesday,March 22,2005 Posted: 10:16 BJT(0216 GMT) |
BEIJING, March. 21 -- Many countries have adjusted their exchange rate policies due to economic crises, while there is no such crisis in China.
A group of international economists say China does not need to adjust its current foreign exchange rate policy.
At an economic forum in Beijing, vice President of American International Group, Jacob A. Frenkel said China needs to solve problems like unbalanced development as well as energy and natural resource shortages in order to maintain rapid economic growth. To solve these problems, there is no need to alter the exchange rate policy. Many countries have adjusted their exchange rate policies due to economic crises, while there is no such crisis in China.
Nobel Laureate in economics Robert A. Mundell noted that it is not appropriate for China to implement a floating exchange rate policy. He believes that floating the currency would increase speculative investment and put the economy at risk.
(Source:CRIENGLISH.com)
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