China is “looking into” yuan policy changes, Li Yuanchao, a senior Communist Party official, said in an interview in Singapore today.
Asked if the government has reached a consensus on whether the yuan will be revalued, Li said: “This is an issue we are looking into.” He was speaking through a translator before getting into a waiting car.
Speculation that China may scrap the yuan’s peg to the dollar intensified this month after U.S. Treasury Secretary Timothy F. Geithner delayed a report that could brand the nation a currency manipulator and made an unscheduled visit to Beijing. The U.S. is pressing for a stronger yuan to help redress global trade imbalances.
Asked if the government has reached a consensus on the timing of any revaluation, Li said through the translator: “This is still a question we are looking into.”
Li, a member of the Communist Party’s Politburo, was at a function at the Lee Kuan Yew School of Public Policy.