| This contest is fueled by the following news: |
| | Wen Jiabao, the Chinese Premier, has rejected foreign pressure for an immediate shift in the country's money regime. He maintains that Beijing will set its own timing for reform and warned against what he called undue haste. In a speech he gave before Asian and European finance ministers, Wen said China would independently determine when and how reforms would be made in that country. He spoke a day after Japanese Finance Minister Sadakazu Tanigaki said it would be in China's interest to move quickly toward a more flexible money exchange rate system. China's money regime keeps the yuan's value fixed in a close range around 8.28 to the dollar. Many U.S. manufacturers contend that China's fixed currency system has undervalued the yuan by as much as 40 percent. This has had the effect of making Chinese products cheaper in the domestic market and American goods more expensive in China. China may not have heard much of show me the money phrase but they do take good care of their currency. |
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