xenagoguevicene (xenagoguevicene) wrote,

Beijing: IMF Head Has 'total misunderstanding of the priorities within our Chinese Communist Party'

The US controlled International Monetay Fund wants China to do what is best for the world capitalist economy and the US. The recent Chinese moves to lower the value of the Chinese currency has not pleased the IMF.

Markus Rodlauer, head of the IMF mission to China called for a "more market-oriented" rate. In other words the IMF is not happy that China lower the value of the yuan.

In response to the expressed desire of Mr. Markus Rodlauer, Beijing spokeswoman, Hua Lying, issued the following response:

"China considers Mr. Rodlauer and the IMF's insistence on our Chinese economic reform to be "more market-oriented" to be a total misunderstanding of the priorities within our Chinese Communist Party. We view IMF's insistence on this stance to be childish and at best naive. We have deviated from the efficient control of our RMB, almost to to our own detriment and yet the SDR status for our Yuan and China's importance in the world financial system were not recognized by the IMF. China did not specify the reason for our decision to devalue our currency and we did not ask for any interpretation nor understanding of our decision. China did not devalue our currency in order for us to be more "market oriented" nor to satisfy the IMF demands. China devalued the RMB solely for our own strategic purpose. We will surrender nothing to "the market" because we dominate the market. We interfere in the market, where and when we like. The IMF and the world should get use to our way of doing things 'with Chinese characteristics.'"

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