Vol. 5 Num 1022 Tue. April 17, 2007  

China rejects IMF advice on yuan

A senior official from China's central bank has rejected calls from the International Monetary Fund for faster progress towards a more flexibile currency regime, state media said Monday.

"Biased advice would damage the fund's role in safeguarding global economic and financial stability," said Hu Xiaolian, deputy governor of the People's Bank of China, according to the China Daily.

"The fund ... should respect its member countries' core interests and actual economic fundamentals," Hu was quoted as saying at the meetings of the IMF and the World Bank in Washington at the weekend.

Officials and economists at the IMF, which has a mandate to give advice to member countries, said Beijing should pursue a more flexible exchange rate, for the sake of both the Chinese economy and a more balanced global economy.