A Nobel Laureate in economics, Robert Mundell, has been awarded the title of honorary professor by China's top university in Beijing.
(President of Peking University Xu Zhihong (Right) presented the honorary professor award to Dr. Robert A. Mundell at a ceremony in China Center for Economic Research on June 1, 2005)
Lin Yifu, Director of the China Center for Economic Research at Peking University, said at the award ceremony on Wednesday, that Mundel is an old friend of China and has made invaluable contributions to the world as well as China's economy.
At a following speech, Mundell reiterated that an instable RMB exchange rate poses a threat to the world economy and suggested China should for now maintain its monetary policy.
China has been under great pressure from countries like the United States to revalue its currency for reasons of having an unfair advantage over goods in developed countries.
Beijing insists it won't change its currency exchange rate until its financial and banking system is strong enough to cope with the monetary risks.
The professor was awarded the Nobel Prize in 1999 for his work leading to the adoption of the euro and for his contributions to the ideas behind "supply-side" tax cuts.
Mundell has visited China 25 times since the 1980s. In 2004, he became the first Nobel Laureate to live in Beijing as a permanent resident.
He is one of the top economists who initiated the Nobel Laureates Beijing Forum 2005 being held from this last Monday to Wednesday in People's Hall in China's capital.