Zhou Xiaochuan: The Pace Of RMB Appreciation Will Not Compromise With Foreign Pressure.

According to Reuters, Zhou Xiaochuan, governor of the people's Bank of China, said on Thursday (February 17th) that the Chinese government will decide for itself.

The meeting of finance ministers and central bank officials of the group of twenty (G20) was held in Paris this week. Before that, India and Brazil joined the US camp to slow the yuan.

Zhou Xiaochuan said: external pressure has never been considered an important factor, and we have never paid special attention to this.

We rely mainly on our own judgement to adjust the valuation of the renminbi and not pay much attention to the external pressure.

In our view, in order to develop our financial market, we need to reform the exchange rate system and make the RMB more flexible.

Data released by the BIS on Thursday showed that the real effective exchange rate index in January 2011 was 118.13, down 1.52% in the annulus ratio, reversing the previous two consecutive months of growth.

Data also showed that in January, the nominal effective exchange rate index of RMB was 113.6, down by 0.16%.

In the basket of currencies calculated by the bank for International Settlements, the four currencies of the US dollar, euro, yen and won occupy 64.4% of the total weight, of which the US dollar is the highest, reaching 21%, the euro's weight 18.4%, and the Japanese yen's weight 16.8%.

From the middle

Yi Gang, deputy director of the Central Bank of China and director of the State Administration of foreign exchange, said recently that the current exchange rate of RMB against the US dollar is at an appropriate level, and that it will adjust dynamically in the light of market changes.