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The head of the World Bank, Robert Zoellick says a rise in the value of China’s currency would help restore stability to global markets. On his visit to China, Mr. Zoellick met with key leaders to discuss future economic challenges and the appreciation of the yuan.
World Bank president Robert Zoellick encouraged the Chinese regime to raise the value of its currency.
The low value of China’s yuan has long been a sore issue between the Chinese regime and the United States because it gives China’s exports a competitive advantage over local products.
Mr. Zoellick met with Chinese vice premier Li Keqiang on Friday to discuss future economic challenges.
He said letting the yuan appreciate would help restore global economic stability and also ease inflation in China.
State-run Chinese media said in August the time was ripe to give the yuan more leeway, fuelling speculation a change in policy could be near.
Mr. Zoellic said China was well positioned to become a high-income nation in the next 20 years. But he questioned its current path of development, saying it’s hard to see how current expansion could be maintained with an “export and investment-led growth model,” Reuters reported.
World Bank data shows China’s per capita gross national income is just $4260—that’s less than a tenth of that of the United States. Critics have long said China should encourage more domestic consumption as a long-term driver of its economy.