Former Nobel Prize winner in economics Joseph Stiglitz describes the current RMB debate as ironic at a forum in Hong Kong.

Stiglitz says China was urged not to devalue Renminbi in 1997 due to an argument that greater flexibility would destabilize global financial markets.

But now some countries are imposing pressure on China to appreciate its RMB currency. He thinks it is ironic.

Stiglitz also points out that there are problems with all exchange rate systems. And if China's adopts an exchange rate system in accordance with what other countries have asked, it could not be a perfect one.

Source: CRI news