12 Jun '11, 9am

Singapore PM says not keen on sudden yuan revaluation

Singapore PM says not keen on sudden yuan revaluation

Singapore's prime minister (right) said on Sunday he would prefer to see a gradual rise in the value of China's yuan instead of rapid-fire revaluation. -- ST PHOTO: AZIZ HUSSIN JAKARTA - SINGAPORE'S prime minister said on Sunday he would prefer to see a gradual rise in the value of China's yuan instead of rapid-fire revaluation. 'I would see that a gradual realignment of the currency is helpful,' Lee Hsien Loong said at a World Economic Forum event in Jakarta, when asked about a yuan revaluation. The yuan is likely to rise around 5-6 per cent this year as China has said it will use all means, including the currency, to fight high inflation, partly imported due to surging global commodity prices. A Chinese central bank researcher said in comments published this month that China was likely to let the yuan rise 3-5 per cent against the dollar per year in coming years but it w...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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