China Commits to Currency Reform

On November 17, 2011, in Adam Roseman, ARC China, by admin

According to an article by Adam Roseman of ARC China, China has reaffirmed its commitment to reform its currency, albeit gradually, as it would be unreasonable to expect China to strengthen the yuan in such a short amount of time.

“We will continue to steadily promote currency reforms, but the process will be gradual. It is unjustifiable to require China to appreciate its currency substantially within a short time,” said Foreign Ministry spokeswoman Jiang Yu.

The comments came following an accusation by the US House of Representatives claiming that China has limited the value of the yuan to benefit its export industry.

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