TOKYO, Nov 16: Prime Minister Li Peng said China has no plan now to adjust the exchange rate between the renminbi and the US dollar, Japanese newspapers reported on Sunday.Li told Japan's four major newspapers that China's financial climate remained stable and Hong Kong's financial situation was ``all right'' following the recent regional economic turmoil.

Li, who was wrapping up a six-day visit to Japan, gave the interview on Saturday.

No direct quotes were used in the newspaper reports. But China's official Xinhua news agency also reported in the interview.``Li...made the remark when asked to comment on the financial crisis in some regions in the world and its influence on China, particularly Hong Kong,'' Xinhua said.

``Li said China's current financial situation remains stable,'' Xinhua said.``The exchange rate is US$1.00 to 8.3 yuan. Therefore, `we have no plan to make a readjustment,' Xinhua quoted him as saying. ``The (financial) situation in Hong Kong, he said, is alright and the exchange rate between the HK dollar and the US dollar remains stable, although Hong Kong was struck by the crisis that began in Southeast Asia,'' the news agency said.China's currency has been about the only one in Asia to resist erosion against the US dollar in recent months. It hit a 29-month high against the greenback this week, buoyed largely by a growing trade surplus with the United States.

China pursues the ``one country, two systems'' policy over Hong Kong after it was handed back by Britain on July 1.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.