France On China’s Forex Policy
France is confident that China will reform their exchange rate policy especially after China denied U.S.’ allegations that it is manipulating its currency to enjoy trade surplus. France, through its Bank of France Governor Christian Noyer, also said that the Chinese themselves are convinced of the need to reform their currency policy and on a progressive level.
According to Noyer, the problem with China’s foreign exchange policy is an "Asian phenomenon" and is prevalent in other Asian currencies as an outcome of previous years’ crisis. Asians, in general, are very cautious over the reform of their monetary policy but are aware of the need to reform it in order to establish normal relations between the world’s major currencies.
China’s State Administration of Foreign Exchange Deputy administrator, however, insisted that reforms on their currency policies have no timeframe after the U.S. government issued a six-month deadline for a change in China’s currency policy into a more flexible exchange rate.
Source: Bank Of France’s Noyer Convinced Chinese Will Reform Exchange Rate Policy, AFX News Limited Website
According to Noyer, the problem with China’s foreign exchange policy is an "Asian phenomenon" and is prevalent in other Asian currencies as an outcome of previous years’ crisis. Asians, in general, are very cautious over the reform of their monetary policy but are aware of the need to reform it in order to establish normal relations between the world’s major currencies.
China’s State Administration of Foreign Exchange Deputy administrator, however, insisted that reforms on their currency policies have no timeframe after the U.S. government issued a six-month deadline for a change in China’s currency policy into a more flexible exchange rate.
Source: Bank Of France’s Noyer Convinced Chinese Will Reform Exchange Rate Policy, AFX News Limited Website
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