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108 China Can Float Its Currency Now
And Make Billions Doing
It
• • April
15, 2005 / WASHINGTON-- John Taylor, undersecretary of the
Treasury for international affairs, said China had adopted
all the institutions it needed to let its currency float
without sinking on world markets. He noted that Chinese
officials had recently visited the Chicago Mercantile
Exchange on the way to establishing a commodities market,
one of the underpinnings of an economic system that can
support a free-floating currency.
• • "They can begin to have a flexible
exchange rate right now, buy doing what we do," utilize
their own comodity exhange to float, Taylor
said.
• • A top Treasury Department official said
Thursday that China now had the ability to let its
currency's value be set on the open market, a step that
would presumably force its value upward and moderate the
U.S. trade deficit with the world's most populous
country.
• • China has pegged the value of its yuan
to the dollar at a rate that the Bush administration and
most U.S. exporters believe is artificially low, thus making
Chinese products inexpensive in global competition with
American goods. The U.S. trade deficit with China in
February alone was $13.9 billion, or one-quarter of the
entire U.S. trade gap.
• • President Bush on Thursday also urged
China again to let the yuan float on currency markets.
Answering questions after speaking to the American Society
of Newspaper Editors, Bush said his administration was
putting pressure on China in several areas, including human
rights and terrorism.
• • "On trade, we're pressing China, for
example, for floating her currency, so we can have free and
fair trade," he said.
• • Bush and Taylor spoke in advance of
today's opening of meetings of the Group of 7 industrialized
nations. The spring meetings of the International Monetary
Fund and the World Bank also begin today in
Washington.
• • Chinese officials participated in the
two most recent meetings of the big-country finance
ministers, but Taylor cautioned against interpreting China's
absence from this week's meetings as a sign of disagreements
over the value of the yuan.
• • The dialogue will continue, Taylor
said. He said he hoped this weekend's meetings of the IMF
and the World Bank would continue progress toward debt
relief for the poorest countries, mostly in Africa. But he
said he did not expect agreement before the summit of the
seven richest democracies plus Russia, scheduled for
Scotland in July.
• • That is not soon enough for the groups
that plan street protests during the weekend's IMF and World
Bank meetings.
• • Njoki Njoroge Njehu, of the 50 Years Is
Enough Network, said at a news conference that more than 300
children die every day of diseases that could be prevented
with the money that is instead going to debt
service.
• • The industrial democracies canceled
their loans to the debtor countries in 1999, but it would
cost the World Bank about $21 billion and the IMF $7 billion
to wipe the debts of the poorest countries off the
books.
• • Progress has stalled, said Neil
Watkins, national coordinator of Jubilee USA Network, not
because of disagreement over principle but over the
mechanics of debt relief.
• • The protesters say the IMF has enough
gold to cover debt forgiveness for all the poorest
countries, but the IMF says selling all that gold at once
would disrupt world markets.
///
ByLines:
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