China open to talk currency at G7 meet
AFP, Beijing
China will call for forex market stability at the upcoming G7 finance ministers meeting but reiterate that it will not succumb to outside pressures to lossen the yuan's peg to the dollar, senior financial officials were quoted as saying Thursday. Central bank governor Zhou Xiaochuan acknowledged the growing concern over the yuan but said China has been taking gradual measures to relax its control of the capital markets as it became further integrated into the global economy. "We would like to discuss that issue in the context of international cooperation," Zhou was cited as saying by the China Daily. "For any country, the exchange rate issue should be decided by the sovereign state," he added. China has repeatedly pledged to free up its dollar-peg over the last several years but has not indicated a timetable or specific measures, only saying that any eventual loosening of the peg will be gradual and stable.
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