November 11, 2003

The pursuit of a fixed exchange rate system has increased the stability and transparency of financial transactions in China; property rights have also increased as a result. These are some of the objectives that Secretary Evans has in mind for China. Following the advice of the U.S. Treasury Secretary is the worst possible course of action that China could take. So far the Chinese have resisted, we hope they have the willpower to continuing doing so. They will do the world and financial markets a great service.

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