China won't devalue yuan

China won't devalue yuan

BEIJING (Dow Jones): Malaysia Prime Minister Mahathir Mohamad
said Friday that China's leaders were "adamant" about not
devaluing the Chinese currency, and that they agreed with him
about the need for more scrutiny and checks in Asia's new
financial system.

"The Chinese government, both the president and the prime
minister, were adamant that they won't devalue the yuan,"
Mahathir said after wrapping up a five-day working visit.

He said it was Malaysia's stance that it could accept a slight
devaluation of the yuan since the ringgit fell so sharply during
the Asia financial crisis. However, neither President Jiang Zemin
nor Premier Zhu Rongji gave any indication that Beijing was
contemplating such a move in their meetings earlier in the week,
Mahathir said.