{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='IMF central bankers meet, Greenspan plea' data-url='/boclips/videos/5c54c465d8eafeecae168738' data-video-url='/boclips/videos/5c54c465d8eafeecae168738' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nIMF central bankers meet, Greenspan plea\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Pan of meeting room2. Head table with international bankers seated before audience3. TV monitor with Greenspan and people seated in foreground4. SOUNDBITE (English): Alan Greenspan, US Federal Reserve Chairman:\"I've said on numerous...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Pan of meeting room\u003cbr/\u003e2. Head table with international bankers seated before audience\u003cbr/\u003e3. TV monitor with Greenspan and people seated in foreground\u003cbr/\u003e4. SOUNDBITE (English): Alan Greenspan, US Federal Reserve Chairman:\u003cbr/\u003e\"I've said on numerous occasions I think it is to the advantage of China to allow a little more flexibility in the exchange rate, because it's clear looking at the structure of the balance sheets of the central bank that sterilisation of foreign assets can not go on indefinitely. And secondly the pegging of an exchange rate in the way it is being done, subsidises in my judgment certain types of inefficient capital allocation in the Chinese economy and that therefore the issue of allowing flexibility of some form in the RMB (the Yuan, Chinese currency) strikes me as very much to the advantage of China and indeed it's something that I'm certain they will take on reasonably soon.\"\u003cbr/\u003e5. Cutaway of audience\u003cbr/\u003e6. SOUNDBITE (English): Alan Greenspan, US Federal Reserve Chairman:\u003cbr/\u003e\"There is no question that in the event for example that the RMB (the Yuan, Chinese currency) rises relative to the US dollar that the United States will likely import less goods from China, but that does not mean that our current account deficit or our trade deficit will shrink very much if at all because what we will find is we will be displacing those goods from other only slightly lesser low cost sources or materials. It surely is not going to be a major impact on the net balance of payments structure of the United States.\"\u003cbr/\u003e7. People's Bank of China governor Zhou Xiaochuan\u003cbr/\u003e8. SOUNDBITE (English): Zhou Xiaochuan, Governor, People's Bank of China:\u003cbr/\u003e\"Different economies use different mathematical models, simulation models, to calculate the impact of any kind of change in the exchange rate under unemployment, economic growth and sector impact. So I think we need to discuss this matter to reach a certain kind of consensus in this regard.\"\u003cbr/\u003e9. Wide shot of room\u003cbr/\u003eUS Federal Reserve Chairman Alan Greenspan on Tuesday urged China to allow its currency to trade more freely for the sake of its own financial health. The US also suffers heavily as a result of the policy.\u003cbr/\u003e\"I've said on numerous occasions I think it is to the advantage of China to allow a little more flexibility in the exchange rate,\" Greenspan told a conference of central bankers in Beijing, speaking via satellite from Washington.\u003cbr/\u003e\"It is something that I am certain they will take on reasonably soon,\" he added. \u003cbr/\u003eChina fixes the value of its currency, the yuan, at a rate of 8.28 to the US dollar. \u003cbr/\u003eAmerican manufacturers contend this policy undervalues the yuan by up to 40 percent, giving Chinese exporters an unfair advantage and hurting foreign competitors.\u003cbr/\u003eTo maintain its currency controls, China has to buy large quantities of US dollars.\u003cbr/\u003eBut such an arrangement \"cannot go on indefinitely,\" Greenspan said.\u003cbr/\u003eHe said the system hurts China by encouraging the inefficient allocation of economic resources, and changing it would boost China's economy.\u003cbr/\u003eGreenspan said it is important that the structure of the Chinese economy be as flexible and integrated into the world economy as much as possible.\u003cbr/\u003eHowever, a more flexible Chinese exchange-rate system wouldn't have a big effect on the US trade deficit, Greenspan said.\u003cbr/\u003eInstead, he said, goods from other low-cost countries would replace Chinese goods in the US market.\u003cbr/\u003eChina's central bank governor Zhou Xiaochuan told the conference that the yuan rate \"is an economic issue, not a political issue.\"\u003cbr/\u003eHe said China needs to carefully analyze the economic impact of changing its currency policy and make sure its financial system is prepared.\u003cbr/\u003eOfficials in the Bush administration have been increasing the pressure on China to make a move soon to a more flexible system.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton 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