MF's Rato - China currency policy constrains all Asia
Sat 28 Jul 2007, 10:14 GMT

[-] Text [+] WASHINGTON (Reuters) - If China let its yuan currency find its value more freely, other Asian nations' currencies could appreciate without fear of losing exports, International Monetary Fund chief Rodrigo de Rato said.

In a speech prepared for delivery on Saturday to a bankers' conference in Bangkok, Thailand, Rato suggested that China's managed currency was helping fuel potentially dangerous protectionist sentiments. The text was released in advance in Washington.

"Greater exchange rate flexibility is not only in China's best interest but would allow other Asian countries to appreciate with less concern about competitiveness," Rato said. He noted that many Asian countries, which are linked to China, could suffer if restrictions are placed on Chinese imports.

There is a drive in the U.S. Congress to pass legislation that could impose penalties, including tariffs on Chinese imports that U.S. producers claim are unfairly cheaply priced, because the yuan is kept deliberately undervalued by Beijing.

"There is also the possibility of such protectionism spinning out of control with disastrous consequences for the global economy," Rato warned in an address to SEACEN, a research center set up by South East Asian central banks.

China manages the value ..

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