InfoAnda - China gives in to G20, sets strong yuan rate

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China gives in to G20, sets strong yuan rate AFP - 41 minutes ago Send IM Story Print BEIJING (AFP) - – China set the strongest yuan exchange rate in years on Monday after Beijing came under renewed pressure at the Group of 20 summit over the weekend to let the currency appreciate. The People's Bank of China said it set the central parity rate -- the centre point of the currency's allowed trading band -- at 6.7890 to the dollar, a fraction stronger than Friday's 6.7896. It was the strongest level policymakers have set since China unpegged the currency in July 2005 and moved to a tightly managed floating exchange rate, but analysts said the move did not signify a major shift. At the G20 meeting in Toronto, US President Barack Obama said Sunday that he expected China to "be serious" about a promise it made a week ago to allow yuan flexibility. Brazilian Finance Minister Guido Mantega also urged China to let the unit strengthen more quickly in order to level the playing field for world trade. China's central bank pledged to let the yuan trade more freely against the dollar but ruled out dramatic moves in the currency or a one-off appreciation. The action was widely seen as a bid to head off an ugly spat at the G20 meeting following months of intense pressure on Beijing to embrace currency reform as part of efforts to enhance a global economic recovery. The currency appreciated 0.53 percent against the greenback over the course of last week. In Monday trade, the yuan was slightly weaker at around 6.7912 to the dollar. Analysts downplayed the significance of Monday's move, saying it might temporarily appease critics but did not presage a significant revaluation. The slight increase in the yuan was a deliberate attempt by Beijing to make its currency policy "more acceptable" to critics, said Ken Peng, a Beijing-based economist at Citigroup. "I don't think they are in a hurry to appreciate the currency," he said. Obama's comments would have "some influence" on policymakers but any move in the currency would fall short of US lawmakers' demands, said Xiong Zhiyong, an expert on US-China relations at the Foreign Affairs College in Beijing. Some experts say the yuan is undervalued against the dollar by up to 40 percent. US lawmakers have threatened to press ahead with legislation they said would treat "currency manipulation" as an illegal subsidy and enable US authorities to impose tariffs on Chinese goods. But Chinese leaders attending the G20 summit in Canada said Beijing would not bow to international pressure for a stronger yuan, with President Hu Jintao saying trade frictions should be addressed through "dialogue and consultation". In a further sign policymakers are in no hurry to surrender control of the currency, central bank adviser Xia Bin said China would need to maintain a managed floating exchange rate for the next five to 10 years. The timing for the yuan to become an international currency is not yet ripe, Xia said in an article published in a pamphlet distributed at a financial forum in Shanghai at the weekend. China had effectively pegged the yuan at about 6.8 to the dollar for the past two years to prop up exporters during the global financial crisis. Critics say the policy gives Chinese producers an unfair advantage. 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