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Stable RMB Exchange Rate Benefits World Economy

Chinese Premier Wen Jiabao said Tuesday that the stable RMB exchange rate helps promote the economic developments of China and its neighbors, as well as the world.

Wen was speaking while meeting with Citigroup Chairman Robert Rubin and its would-be CEO Charles Prince.

He expounded on the Chinese government's policy on the RMB exchange rate, and said that China has taken notice of the concern of the international community on the RMB exchange rate.

"The Chinese government has always held a serious and responsible attitude towards the issue," said Wen.

He said that during the Asian financial crisis in 1997, China did not devalue the RMB and maintained its exchange rate, while many countries around China devalued their currencies. China's efforts had contributed to the stability of the economy and financial wellbeing of the region and the world, he said.

A nation's exchange rate system and policy should be determined by the nation's domestic economic situation and international income and expenses, the premier said.

"A regulated, floating exchange rate system based on market supply and demand as implemented by China complies with the country's current situation."

China should further explore and improve the mechanism of China's RMB exchange rate as it goes deeper into financial reform, Wen said.

The premier also exchanged views with the guests over the world economic situation and other issues of common concern.  

(Xinhua News Agency August 5, 2003)

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