(Reuters) - Speaking to the President's Export Council, an advisory
group, Paulson implied that China has too tightly restrained
the value if its yuan, also called the renmimbi, since it was
freed from its peg to the dollar in July 2001 and revalued by
2.1 percent.
"The renminbi has moved about 8.2 percent against the
dollar since July 2005," he said. "The Chinese have recognized
the principle of flexibility but when you look at the deficits
and what reserves China has and the trade balance, there's
really more need to move the renminbi now than there was in
July 2005 if you look at it on a trade-weighted basis."
Read more at Reuters.com Bonds News
group, Paulson implied that China has too tightly restrained
the value if its yuan, also called the renmimbi, since it was
freed from its peg to the dollar in July 2001 and revalued by
2.1 percent.
"The renminbi has moved about 8.2 percent against the
dollar since July 2005," he said. "The Chinese have recognized
the principle of flexibility but when you look at the deficits
and what reserves China has and the trade balance, there's
really more need to move the renminbi now than there was in
July 2005 if you look at it on a trade-weighted basis."
Read more at Reuters.com Bonds News
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