BEIJING, March 14 (UPI) -- China's premier said Monday the country is working on plans to have a more flexible currency exchange rate, saying only that the move may come "unexpectedly."
Wen Jiabao made the comment to a foreign reporter during a press conference marking the last event of the National People's Congress, China's legislature, which was in full session for the last 10 days.
The premier said government work on exchange rate reform has been ongoing since 1994 with the purpose of establishing a market-based, managed and floating exchange rate.
Wen said necessary prerequisites to any reforms include macroeconomic stability and growth and a healthy financial situation.
Wen said there was no consensus in government on what impact an appreciation of the Chinese currency would have on the domestic economy and enterprises.
"We are a responsible country. On the issue of the appreciation of renminbi (also known as the yuan) and the exchange rate system, China not only considers its domestic interests, but also its possible impact on neighboring countries and the world," Wen added.
The premier concluded by saying, "It may come unexpectedly."
