According to the latest statistics announced by People’s Bank of China on January 15th, the foreign exchange reserve in our country has amounted to US$818.9 billion, only US$30 billion less than that of Japan -- the largest foreign exchange reserve country. The Customs Administration also announced the trade surplus this year which is US$101.88 billion. Would these figures imply more outside pressure on RMB appreciation in 2006? Internationally well-known economist from University of Western Ontario and Distinguished Fellow of Center for International Governance Innovation, John Whalley, gave us an affirmative answer when interviewed by our reporter on January 16th.

In his...

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