10 Apr '11, 8am

China's Wen says yuan forex rate among tools to combat inflation

BEIJING - CHINA will use all possible measures, including the yuan exchange rate , to keep prices under control, Chinese Premier Wen Jiabao was quoted by the official Xinhua news agency as saying. This is the first time Mr Wen has publicly acknowledged that the exchange rate of the yuan is key to combating inflation. China has in the past used interest rates and bank deposit reserve ratios to keep a lid on prices. 'We must make good use of various pricing and quantitative tools, including open-market operations, bank deposit reserve ratio, interest rates and exchange rates, to manage monetary factors in inflation,' Xinhua quoted Mr Wen as saying during a recent visit to the eastern province of Zhejiang. Many economists have been arguing that China should give the yuan exchange rate a bigger role in taming inflation. Zhou Xiaochuan, the People's Bank of China governor, said...

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