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: China's Yuan Needs To Strengthen Further: IMF's Strauss-Kahn
11/18/09 06:39 am (EST)

(RTTNews) - The International Monetary Fund's chief noted on Tuesday that the Chinese government's strategy to move away from a heavy reliance on exports to domestic consumption would help rebalance the country's growth model. He reiterated that China should allow its currency to rise further.

At the end of his visit to China, the IMF's managing director, Dominique Strauss-Kahn pointed out that a part of the rebalancing effort for the country would include letting its currency, the yuan, rise further, apart from other policies. "China's efforts, alongside those of deficit countries to increase their saving, should help to reduce global imbalances", Strauss-Kahn said.

Speaking at the International Forum in Beijing on Monday, the IMF chief had stressed that the appreciation of the yuan was a necessary reform to be undertaken by the Chinese government, to help boost the economy. He pointed out that allowing the renminbi, the other name for yuan, and other Asian currencies to appreciate would help increase the purchasing power of households, raise labor share of income, and provide the right incentives to reorient investment.

"Higher Chinese domestic demand, along with higher US saving, will help rebalance world demand and assure a healthier global economy for us all", he said.

Strauss-Kahn said China continued to be a source of great strength to the global economic recovery apart from the other Asian economies. The IMF expects China to grow between 8% to 9% this year and the next.

Despite the call for an appreciation for the yuan, authorities within China want the exchange rate to be kept stable. On Tuesday, the Chinese Commerce Ministry spokesman said China's policies were aiding the global recovery and it was unfair to urge one nation to appreciate its currency while other currencies weakened.

Meanwhile, the IMF chief also thanked the Chinese government for providing financial assistance to the IMF, especially its commitment to purchase around US$ 50 billion of IMF notes.