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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China promises to keep exchange rate steady By JOE McDONALD,AP Business Writer AP - 2 hours 26 minutes ago BEIJING - China promised Wednesday to keep its exchange rate stable and said it would use part of its $1.95 trillion in foreign currency reserves to boost imports and consumer spending to combat the global financial crisis. ADVERTISEMENT Chinese exporters that face plunging sales want the yuan devalued, which would make their goods cheaper abroad. But economists say they see no sign Beijing will take such a step, which could fuel tensions with its trading partners. "We will maintain the basic stability of the renminbi exchange rate at a reasonable and balanced level," a deputy administrator of China's foreign exchange regulator, Deng Xianhong, said at a news conference, referring to the currency by its official name. "The important thing is to prevent the exchange rate from making big fluctuations," he said. "This will not only be good for China and the world but also will be good for tackling the international financial crisis." The yuan was allowed to rise by about 21 percent against the U.S. dollar from mid-2005 until mid-2008 in government-controlled trading, but it has held steady since July at about 6.85 to the dollar. Economists say a weaker yuan would do little to boost Chinese exports because demand abroad is too weak. They say a devaluation could cause serious repercussions, triggering a round of similar moves by other exporters and straining global trade relations at a time when coordinated action is needed to revive trade and finance flows. Beijing also is looking at how to use its foreign reserves in its effort to boost consumer spending and imports, said Fang Shangpu, another deputy administrator of the agency, the State Administration of Foreign Exchange. "We will step up support for the government's policy of increasing imports and boosting domestic demand," said Fang. He gave no details, but said the agency also will ease access to financing for "enterprises that are going to make outward investment." The government's 4 trillion yuan ($586 billion) stimulus plan is meant to shield China from the global slump by reducing reliance on exports through efforts to boost domestic consumption. It calls for injecting money into the economy through higher spending on public works in hopes it will make its way to consumers' pockets. China's imports fell by 43 percent in January from a year earlier as demand for Chinese goods weakened and factories bought less foreign raw materials. It was a serious blow for the country's trading partners. China's reserves, the world's largest, rose by $417.8 billion over the course of 2008 but the growth slowed sharply toward the end of the year. Deng said some foreign companies were pulling money out of China due to financial demands elsewhere amid the global crisis. But he said the capital outflow was "very limited" and the government had the capacity to cope with it. "It does not mean they have lost confidence in China," Deng said. "The Chinese economy remains an attractive place to invest." ___ On the Net: State Administration of Foreign Exchange (in Chinese): http://www.safe.gov.cn Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Crisis could push 140 million Asians into poverty: ILOAFP - 50 minutes ago China vows to keep yuan's value stableAFP - 1 hour 35 minutes ago China promises to keep exchange rate steadyAP - 2 hours 26 minutes ago CHRONOLOGY-South Korea tackles financial, economic crisisReuters - 2 hours 32 minutes ago Related Articles: Business China lent Russia $25 bln at 5.0-5.5 pct - sourceReuters - 57 minutes ago Shanghai to launch steel futures on Mar. 9 -brokersReuters - 1 hour 4 minutes ago GE's Immelt waives $12 million bonus: billionReuters - 1 hour 6 minutes ago SKorean minister confirms delay in EU trade talksAFP - 1 hour 10 minutes ago Asian stocks track US slide as bailout hopes fadeAP - 1 hour 10 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Earth-like planets in our galactic neighborhood Seductive chemicals hidden in sloppy kisses Climate change could be even worse than feared 17,000 US troops to Afghanistan: Obama AIDS: 'Major advance' seen in revolutionary gene therapy View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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