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China: No Timetable for Shift to Flexible Exchange Rate - 2004-10-03


China says it has no timetable for shifting to a free-floating currency - something long sought by the United States.

Li Ruogo, deputy governor of China's central bank, spoke on the sidelines of the annual IMF-World Bank meeting here in Washington. He said China does plan to move to a more flexible exchange rate for the yuan, but added that Beijing has not set a date for that to take place.

The United States and other industrialized countries say China's current system gives it an unfair advantage over other countries, allowing it to sell goods at lower prices than its competitors on the world market.

Mr. Li also said he believes U.S. jobs lost to China will not go back to the United States once the yuan is allowed to float freely.

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