Home / Knowledge / News / Instability of RMB will bring disaster – Chinese Premier
Instability of RMB will bring disaster – Chinese Premier
15
Oct '10
Chinese Premier Wen Jiabao requested European Union leaders to reduce their rhetoric in attacking the Chinese RMB rate as the debate and decibels around the RMB rate increases day by day.

EU officials and the business community recently joined the camp of the United States, publicly demanding Beijing to allow appreciation of the Yuan.

Wen Jiabao said in his speech to EU senior officials and business people that, instability of the RMB exchange rate will bring disaster to China and the world.

The RMB exchange rate had been pegged to the dollar until June this year. Although since then, China has allowed fluctuation of Yuan exchange rate within a narrow range, to those countries who have suffered significant drop in exports to China and who have huge trade deficit with China, however, the appreciation of the RMB has been far from their satisfaction.

What dismays Europe is that although the Yuan has appreciated by about 2 percent since June against the dollar, the Yuan has depreciated by 10 percent against the Euro.

Wen Jiabao reiterated the statement made by various senior Chinese officials in the past that, China is committed to allowing gradual appreciation of the Yuan.

Wen said, China will also pay a high price, if it allows the Yuan to float freely. China's export enterprises will turn bankrupt, if the RMB is appreciated by 20-40 as per the demands from the some quarters of the western economies.

Fibre2fashion News Desk

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search