Wednesday, November 24, 2004

Peg will hold, for now

Financial Times interview with Li Ruogu, deputy governor of the People's Bank of China, who said the country won't be pressured into revaluing the yuan and warning the U.S. not to blame others for its own problems: "Under heavy speculation, we cannot move [toward greater flexibility] and under heavy external pressure we cannot," Mr. Li was quoted as saying. "So the best environment for us to gradually move towards a more flexible exchange rate is when people don't talk about it."

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