Despite mounting international pressure for revaluating the yuan, a sharp fluctuation in the currency would only destabilize the Chinese economy, whose rapid expansion has aided not only Asian growth but global growth as well, a Chinese banker told a recent symposium in Tokyo.
Zhang Yanling, executive vice president of the Bank of China, told the Nov. 18 symposium at Keidanren Kaikan that it is correct for the Chinese government to stick to its policy of maintaining stability in the yuan's exchange rate. Yuan appreciation will not solve the economic woes of major industrialized countries like the United States and Japan, she said.
Zhang was one of the participants at a symposium jointly organized by the Keizai Koho Center, the Institute for International Monetary Affairs, and the Sankei Shimbun, on the need for a stable currency regime in East Asia. The BOC is China's oldest lender.