China’s 2.1 percent appreciation of the Renminbi (RMB) in July, was seen as a significant, if small, step to a more flexible currency regime. However, at the recent G-7 meeting, the group pressed China for more rapid appreciation of the RMB, saying that “exchange rates should reflect economic fundamentals”.
China’s finance minister, Jin Renqin, has been quoted as saying that any such appreciation will be “gradual”.
At the same time rumours have been circulating that there may be another, larger, appreciation of the RMB planned for January 1st next year.
See related news:
- G-7 pushes China on the yuan 
International Herald Tribune – France
LONDON Finance ministers and central bankers from the Group of 7 pushed China over the weekend to make its currency more flexible, expressing disappointment …
China wants to see ‘gradual’ yuan rise 
Times Online – UK
JIN RENQING, the Chinese Finance Minister, is reported to have said in London yesterday that Beijing wants to see a further appreciation of China’s yuan …