Snow discusses forex with Chinese officials, urges more flexibility
May 10th, 2007
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Snow told Chinese Finance Minister Jin Renqing and People’s Bank of China Governor Zhou Xiaochuan in separate meetings that greater flexibility ‘’is necessary in order for the global economy to deal with external imbalances,'’ the official told reporters.
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‘’In order to address these global destabilizing factors and create a bright prospect for human beings, the international community needs to enhance dialogue and coordination on an equal basis for a win-win result,'’ Jin said.
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The Treasury official said Snow and the two Chinese officials did not specifically discuss the fresh move made Friday by China to relax the yuan’s exchange band. China scrapped its dollar-pegged system and introduced a managed float system July 21, resulting in a 2.1 percent appreciation of the yuan against the dollar.
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Jin described the July move as an important step forward in reforming China’s exchange rate regime, and said the objective ‘’was to establish a managed floating rate regime based on market supply and demand and maintain the … exchange rate basically stable at an adaptive and equilibrium level.'’