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CCBC Supports Bank of Canada Call for Measured Progress on Revaluation of Yuan

Canada China Business Council
2007-06-05 17:26 697

TORONTO, June 5 /Xinhua-PRNewswire/ -- The President of the Canada China Business Council reiterated CCBC's support for the recent call by Bank of Canada Governor David Dodge for tolerance for China's pace in revaluing the yuan.

Dodge said after a speech to the Chicago Council on Global Affairs May 21 that China is making real progress towards revaluation of its currency. But the country does not have the financial markets infrastructure to manage a rapid revaluation. So, Dodge said, China's trading partners need to be supportive of measured progress.

CCBC President Hon. Sergio Marchi said the Council supports the broad view the Bank of Canada has taken in considering China's global trade challenges. Following the recent Council's Board meeting, he said it is important to be mindful of the size of the task China faces in managing its economy and currency. "China's economic growth continues to race ahead. As a result, the Chinese government faces a complex and difficult task in managing its currency. It's clear, though, by the ongoing action taken, that China is committed to doing so. It's useful for China's trading partners to acknowledge the size of the task and the progress made."

The CCBC President noted, for example, that China earlier in May further loosened restrictions on foreign currency holdings.

Source: Canada China Business Council
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