[00:00.00]China's Economic Development and the Stabitity of the Renmin

[00:05.54]As shown by Graph 1,the exchange rate of the yuan(RMB)fell dramatically from 8.7 against one dollar to aroud 8.3 during 1994 and 1995,and has been stable ever sinc

[00:24.89]Despite the Asian financial turmoil and its negative impact on China's economic development,China has given her pledge to maintain the stabitity of the renminbis exchange rat

[00:38.32]China's refusal to devalue the yuan is a rational policy based on the country's domestic economic condition

[00:48.25]Owing to the 20 years of reform and opening-up,China's gross domestic product(GDP)surged from 362.46 billion yuan in 1979 to 7477.26 billion yuan in 199

[01:12.49]And China's foreigh exchange reserves today have hit more than US$140 billion,just next to that of Japa

[01:25.26]This enables China to withstand the trials of the Asian financial crisis,and shield the renminbi from devaluatio

[01:36.00]China's efforts to maintain the stability of the yuan,in the long run,is beneficial not only to the country's economic development but also to that of the whole world.