09 May '11, 3am

China favours stronger yuan to fight inflation

BEIJING: Confronted with fresh US pressure over its currency policy, China appears more willing to let the yuan strengthen at a faster pace to control inflation, its new primary concern, analysts say. China has let the currency appreciate five per cent against the dollar since vowing greater flexibility last June and Beijing has signalled the exchange rate will be used to curb rising prices and growing foreign exchange reserves. As the world's two biggest economies meet in Washington from Monday for annual high-level talks, Washington will demand faster appreciation but experts say Beijing will go at its own speed and is prepared to change course if exports stall. "There has been a real shift in the last couple of months," Alistair Thornton, an economist for IHS Global Insight in Beijing, told AFP. "There's more public acceptance of what is driving inflation -- the exchang...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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