RMB exchange rate reform--decided out of China's own need (7)

Contributing to the growth and stability of world economy

The Asian financial crisis broke out in 1997. In order to prevent an alternate depreciation of the currencies of neighboring countries and regions and the resultant deepening of the crisis, the Chinese government determinedly declared that it would not devalue the RMB, and actively narrowed the floating range of the RMB exchange rate.

Its true qualities remain unchanged to this date.

In answering reporters' questions on March 14, 2005, Premier Wen Jiabao clearly indicated that China is a responsible country, "in our attitude toward the revaluation of the RMB and the reform to the exchange rate mechanism, we not only need to consider China's own interests, but also need to consider the influence to be brought by reform on neighboring countries and the world as a whole.

While meeting with the delegation of the US Chamber of Commerce on May 16, 2005, Premier Wen Jiabao once again clearly indicated that China is a responsible country, it takes into account the economic and financial influences to be brought by exchange rate reform on neighboring countries, on the region and the world at large.

This is what China has said, it is all the more what it has done.

Yi Gang, assistant governor of the central bank, reveals that after the exchange rate reform was initiated, the United States, Britain, Japan, the Republic of Korea, Malaysia, Germany and many other counties expressed their attitudes toward this reform at the first hour, they welcomed the Chinese government's effort to improve the RMB exchange rate formation mechanism reform, thinking that the reform would be helpful to global economic stability.

The West's 7G finance ministers and governors of central bank issued a statement, saying: We welcome the Chinese government's move toward a more flexible exchange rate mechanism. This will be helpful to the growth and stability of the global economy.

President of the European central bank said: China's march toward a more flexible exchange rate mechanism helps China play a better role in the global economy and is helpful to maintaining the globe's financial stability.

China once again explains the meaning of "responsibility" with its actual actions.

Part 1.  Part 2.  Part 3.  Part 4.  Part 5.  Part 6.  Part 7.  Part 8.