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| Hank Paulson, US Treasury secretary, called on China on Tuesday to strengthen its currency amid deepening fears in Washington and beyond about the possible effects of a plunge in the value of the renminbi. Speaking ahead of a trip to Beijing, Mr Paulson called on China to maintain its policy of encouraging the renminbi to appreciate. Market expectations for the renminbi a year from now indicate it could weaken to Rmb7.30 against the dollar from its current level of Rmb6.8871. On Monday, the dollar rallied 0.7 per cent against the renminbi, rising from Rmb6.8346 – the biggest one-day appreciation for the dollar since the renminbi floated in 2005. The shift led some analysts to conclude China was seeking to compensate for the global economic slowdown by devaluing. Many economists have warned that competitive devaluations – particularly by big trading nations such as China and Japan – run the risk of making global slowdowns worse by reducing overall demand. In a speech looking forward to this week's Strategic Economic Dialogue between China and the US – a forum much prized by Beijing – Mr Paulson called for China to take measures leading towards “sustainable, strong and balanced growth”. He added: “This means relying more on domestic demand and less on exports to drive growth,” a shift he said would require “bold leadership and decisive structural reforms” to boost ordinary Chinese families' spending and improve China's allocation of capital. “Continued reform of China's exchange rate policies is an integral part of this broader reform process,” he said. “China has appreciated the renminbi over 20 per cent against the dollar since 2005 – this is important and significant, but it is important that the reform process continue.” |
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