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July 26, 2010

Japan's new ambassador to China Thinks 4-5 Yuan to US Dollar is Inevitable Within Several Years

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Uichiro Niwa, Japan's new ambassador to China, said Monday he personally thinks an exchange rate of 4-5 yuan per dollar is inevitable in several years.

"The trend of a strengthening yuan is unstoppable," Niwa said, referring to the current rate of 6.7 yuan to the dollar.

The ambassador-to-be made the comments at a news conference at the Japan National Press Club before assuming the post at the end of the month

A rise to 5 yuan per dollar would be an appreciation of more than 35 percent from its current value of 6.78 per dollar. The yuan increased 21 percent between July 2005 and July 2008.

The 71-year-old ambassador said he will focus on realising a free trade agreement (FTA) between Japan and China.

After Taiwan and China signed Economic Cooperation Framework Agreement, Taiwan is now pushing to get a free trade deal with Japan.

Taiwan was eyeing a free trade agreement with Japan, its second largest trading partner after China. The Japanese chamber of commerce in Taipei has called for a free trade agreement with the island and supported Taiwan's trade pact with China, saying it could benefit Japanese businesses on both sides of the Taiwan Strait


The ASEAN-China free trade deal that started at the beginning of 2010 has greatly contributed to the fast growth of trade and investment within the area, said Gao Hucheng, vice minister of Commerce at a press conference Monday.

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