China’s current currency policy helped contain inflation and any revaluation of the renminbi exchange rate will continue to be measured, the South China Morning Post reported, citing Yi Gang, the central bank’s deputy governor. China is committed to increasing its currency’s flexibility but, despite pressure from the West, the pace of currency reform "must be a gradual one," Yi said. Beijing lifted a 23-month peg to the US dollar in June of this year but movement against the American currency has been slower than expected, prompting cries for greater appreciation from US and other Western politicians. Yi’s comments come ahead of the Group of 20 meeting in South Korea this week. He said that Beijing would reiterate its commitment to speed up efforts to expand domestic demand at the G20 meeting.
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