Chinese President Hu Jintao says the country will gradually adopt a floating exchange rate system,but it must be controllable and initiated by China itself.
Hu’s comments to a summit of China,India,Brazil and Russia were made yesterday but posted today on the Web site of China’s Foreign Ministry.
The comments are in line with what Chinese officials have been saying on the country’s currency in response to pressure from the United States and other countries that want the yuan to be allowed to rise in value.
China has kept its currency pegged to the dollar since the global financial crisis struck in 2008. But opinion within China’s economic leadership is divided,and most analysts expect Beijing to let the yuan rise sometime this year.