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China unlikely to devalue currency, envoy says.

TOKYO, Jan. 17 Kyodo

China is unlikely to devalue its currency as long as the Asian economy continues to recover and the yen remains at current levels, Japanese Ambassador to China Sakutaro Tanino said Monday on a visit to Tokyo.

"I believe there will be no devaluation for the time being," Tanino said in an interview with Kyodo News.

Chinese Premier Zhu Rongji has repeatedly said China will not devalue the yuan "as long as the yen stays at current levels...without depreciating against the dollar to the 140-150 yen levels" seen a few years ago, the ambassador said.

Tanino, who is visiting Tokyo to attend an annual meeting of Japan's ambassadors to Asia-Pacific nations, said China's improving trade and economic performance also makes a devaluation unlikely.

China's foreign exchange reserves are gradually building up as a result of higher exports thanks to the recovering Asian economy, Tanino said.

A strong yuan will also help China repay its external debts and make imports cheaper, he said.
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Publication:Asian Economic News
Date:Jan 24, 2000
Words:166
Previous Article:Key Korean stock index up 3.7%.
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