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Chinese Ministry of Finance held a high-level meeting with its US counterpart on October 27. The agreement reached after the meeting indicates that China will adopt a more flexible exchange rate policy.

The joint statement published by both sides after the meeting points out in view of the fact that China has gradually emerged itself into the process of globalization, both Chinese and American sides were of the opinion that it's extremely important for China to adopt a more flexible exchange rate policy, which will be of help for China’s structural reform.

In the opinion of some analysts, the agreement shows China's determination to further liberalize exchange rate.

Xiang Huaicheng, Minister of Finance, indicated after the meeting that the exchange rates between the RMB and other currencies would be decided by the market. He said the fluctuation range of the RMB might be wider in future, but it should depend on the market mechanism.

Along with China's impending entry into the WTO, the exchange rate of the RMB appears to be especially important. It is the general view of many people that China needs more flexible monetary management policies so as to resist external financial impact in the future.

(People's Daily 11/01/2000)