As China's yuan rises, some see 'gentleman's agreement' with US
AFP, October, 2006
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BEIJING (AFP) — China and the United States have surprised observers by their willingness to compromise on crucial currency issues, leading some to see the outlines of a tacit "gentleman's agreement". Just days after US lawmakers agreed to postpone controversial legislation that would have imposed punitive tariffs on China, Chinese central bank governor Zhou Xiaochuan promised a gradually more flexible exchange rate.
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"The direction of Chinese policy on currency reform is clearly a steady expansion of flexibility," Zhou said in an interview published this week in Caijing, China's most respected business magazine. "We will gradually allow supply and demand in the marketplace to play an increasing role." This may have been more than just talk. The yuan closed at 7.9079 to the US dollar on Friday, ahead of a week-long national holiday. This was equivalent to a 0.6 percent appreciation during the month of September, or more than seven percent ...
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