Source Pravda.Ru

China's yuan to put out to sea?

Russia is interested in China's yuan not to be tied to the American dollar, well-known economist Yevgeny Yasin believes.

Untying the yuan from the dollar will be in focus at the 11th summit of the Asia-Pacific Economic Cooperation forum, opening in Bangkok on October 20.

China tied the two in 1995 and since late 1998 has been using state regulation to maintain a stable yuan-dollar rate.

"Although its economy has strengthened in a short time, China goes on keeping a low rate of the national currency. Thanks to this, China has a competitive edge in foreign trade," Yasin said.

Chinese goods' exports to the United States are exceeding 100 billion dollars, he said. "The United States' and European markets are inundated with Chinese products. China greatly owes its present success to the low rate of the yuan," the Russian expert is sure.

Untying the yuan from the dollar is favorable for Russia, he said.