7 August 2003, 15:05 Shiokava says FX rates should reflect fundamentals
MANILA, Aug 7 - Japanese Finance Minister Masajuro Shiokawa said on Thursday that foreign-exchange rates should reflect a country's economic fundamentals.
When asked at a news conference in the Philippine capital whether China should revalue the yuan, Shiokawa said: "What sort of policy a country takes should be based on their individual judgment of what is advantageous, and others should not meddle."
Shiokawa was speaking after a two-day meeting of finance ministers from the 10 members of the Association of South East Asian Nations plus Japan, China and South Korea.
"Foreign-exchange rates should reflect fundamentals and market principles, and it's not good for countries artificially to maintain levels," he added.
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