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HK Financial Secretary: Renminbi Revaluation Unlikely

Hong Kong's Financial Secretary said in a television interview yesterday that he did not expect a revaluation of the yuan in the near term.

"I met Finance Minister Jin (Renqing) just a couple of days ago; and I just feel that China knows how to manage its finances well and its currency well," Henry Tang said in an interview with CNN.

"I actually do not foresee any revaluation in the near term," he said.

Tang's comments come amid calls from many developed countries for Beijing to revalue the yuan and ahead of US Treasury Secretary John Snow's visit to China.

(China Daily September 2, 2003)

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