May. China has led the reserve accumulation, buying U.S. dollar assets as money flooded into its fast-growing economy, in order to keep its exchange rate fixed at about 8.28 to the U.S. unit. Central bankers and finance ministers are concerned that a sudden change in these financing flows could disrupt world growth and destabilise financial markets. They want China to revalue its yuan currency to help relieve these stresses. At the BIS meetings, China's central bank governor Zhou Xiaochuan acknowledged his country's growing role in achieving healthy world growth as the country moves towards a market-based economy but offered no hint over timing for an FX change. "As we implement market reforms... China is becoming more important for world trade and world economy," he told reporters.
