EXPERT ON RMB APPRECIATION

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STORY: EXPERT ON RMB APPRECIATIONDATELINE: Aug. 27, 2011LENGTH: 0:01:53LOCATION: BerlinPKGIntro: For a long time, there have been alleged speculations that the Chinese currency renminbi, or RMB is undervalued.Many countries have urged Beijing to allow RMB to appreciate more rapidly.Regarding the arguments, Nobel Prize Winner Myron S. Scholes has his opinions.Pkg: In an exclusive interview with CNC, Nobel Prize Winner Myron S. Scholes thinks that RMB is not ready for rapid appreciation at this moment, based on China's current economic structure.SOUNDBITE (ENGLISH): MYRON S. SCHOLES, NOBEL PRIZE WINNER:"China needs an export based economy at this time. Internal consumption levels are too low in China right now to support the entire economy. Therefore what we have in China is still relied on exports now. Obviously RMb has to appreciate over time. (But) I know it's not right at the current moment to do that because of the immaturity of Chinese economy and where is in its growth phase."Scho Powered by www.newslook.com Producer : Xinhua News Agency

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