China's central bank yesterday acknowledged the case for a stronger renminbi, days ahead of the arrival in Beijing of president Barack Obama for talks expected to highlight mounting international concern over Chinese currency policy.
The People's Bank of China said foreign exchange policy would take into account “capital flows and major currency movements”, a pointed reference to the large speculative inflows of capital that China is receiving and US dollar weakness.
The Bank's new wording, included in its quarterly report on monetary policy, comes on the heels of growing global pressure for China to strengthen its currency, particularly from the European Union and Japan.
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