No Timetable Set For Renminbi Appreciation

　　10月12日，中国国家外汇管理局发言人表示，近日出现的人民币汇率即将调整升值的传言缺乏根据，是对中国现行汇率政策的误解。

Issuing a warning to speculators, China said it is unlikely to let its currency appreciate in the near future.

Dispelling growing speculation, the State Administration of Foreign Exchange (SAFE) reiterated on Tuesday its floating exchange rate regime still fits national conditions. It also said the Chinese Government's stance remains unchanged and will gradually improve the mechanism through which the renminbi exchange rate is decided while keeping it fundamentally stable. "Perfecting the exchange rate mechanism is China's own choice, and it will be based on fully considering the endurance of the Chinese society and economy and sharp fluctuations in the exchange rate shall be avoided," a spokesman said. "Keeping the renminbi exchange rate fundamentally stable is conducive not only to the sustained and healthy growth of the Chinese economy and society, but to the economic and financial stability of the world." China has been under foreign pressure since last year to revalue its currency, which some trading partners say is undervalued. It reached a fevered pitch earlier this month when top central banker Zhou Xiaochuan and Finance Minister Jin Renqing were invited to a G7 finance minister's meeting. The spokesman said improving the exchange rate mechanism is one of China's goals, but the pace depends on economic development, macroeconomic performance, international balance of payments and other related reforms. "It cannot be done overnight, and there is no timetable," he said. "From a long-term perspective, the renminbi can both rise and fall after greater exchange rate flexibility is achieved," he said. "It cannot be a single direction movement."