Hu calls for relax to yuan settlement

As reported, central vice presidency Hu Xiaolian said on 31 that restrictions will be gradually relaxed in <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />China in using Renminbi worldwide, but the change of exchange rate would give no help to trade imbalance between China and America.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

She indicates, next it’s considering to give the right to industries investing abroad in yuan, after the exertion of “tiny plan for GFII”, which presenting the relaxation in yuan settlement. She also says it has seen no important role from Renminbi played on paralleling bilateral trade relations with China and US, and in this case, it’s useless leaving so much time on the issue.

Referring to nearly 2.5 trillion dollars reserves, Hu says the people’s Bank of China is responsible in overseas investment, that any politics will have nothing to do with its investment plans.

In speaking of global economic trend, Hu indicates the whole world is on the way in recovering, despite some disturbance here and there, it is impossible to see a second recession. We are now taking steps to gain better prospect, and we also hope that America would be active in tackling excessive expenditure with more savings.