Greenspan pushes on China currency revaluation

| April 22, 2005 | 0 Comments
Greenspan pushes on China currency revaluation

U.S. pressure on China to revalue its currency stepped up on Thursday as Alan Greenspan, the chairman of the U.S. Federal Reserve, said that China will have to act on revaluation “sooner rather than later” in the interest of stability.

U.S. treasury secretary John Snow, who pushed the issue last weekend at the meeting of the G7 nations, supported Greenspan’s comments, saying that China has already made progress toward revaluation and that it is time for the country’s leaders to go the rest of the way.

China has insisted that it would not give in to outside pressures to revalue the renminibi, but analysts feel that chances are higher now that the revaluation will happen and that China’s absence from the G7 meeting was an effort to make it seem that when the revaluation comes it will not appear to be due to outside influence.

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