CCBC Supports Bank of Canada Call for Measured Progress on Revaluation of Yuan

CCBC Supports Bank of Canada Call for Measured Progress on Revaluation of Yuan

June 05, 2007

    TORONTO, June 5 /Xinhua-PRNewswire/ -- The President of
the Canada China Business Council reiterated CCBC's support
for the recent call by Bank of Canada Governor David Dodge
for tolerance for China's pace in revaluing the yuan.  

    Dodge said after a speech to the Chicago Council on
Global Affairs May 21 that China is making real progress
towards revaluation of its currency.  But the country does
not have the financial markets infrastructure to manage a
rapid revaluation. So, Dodge said, China's trading partners
need to be supportive of measured progress.

    CCBC President Hon. Sergio Marchi said the Council
supports the broad view the Bank of Canada has taken in
considering China's global trade challenges.  Following the
recent Council's Board meeting, he said it is important to
be mindful of the size of the task China faces in managing
its economy and currency.  "China's economic growth
continues to race ahead.  As a result, the Chinese
government faces a complex and difficult task in managing
its currency.  It's clear, though, by the ongoing action
taken, that China is committed to doing so. It's useful for
China's trading partners to acknowledge the size of the task
and the progress made."

    The CCBC President noted, for example, that China
earlier in May further loosened restrictions on foreign
currency holdings.



    For more information, please contact:

     Victor Hayes
     Tel:   [phone]
     Email: [e-mail]

     Yanmin Hu
     Tel:   [phone]/22 x36
     Email: [e-mail]