"I think what they will talk about is not the exchange rate per se, but the importance in allowing market determination of exchange rates, " says Baily, who added that it is his opinion that the dollar probably needs to decline by another 15% to 20% in order to make a serious dent in the deficit.

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Investing in international markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation.

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There was now a market price for all of them, reflected in the exchange rate.

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The lack of a developed financial market has the flipside of making it difficult for the central bank to inject or withdraw kyat liquidity or to intervene in the dollar market as a way of combatting any sharp moves in the exchange rate, as most of it occurs with back-alley money changers.

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In terms of capital markets, interest rate liberalization and a more market-oriented exchange rate are central.

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It also managed to narrow the gap between the official exchange rate and the price of the dollar in the free market.

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The problem, however, is that policymakers may not want to make their domestic monetary policies subject to formal exchange-rate targets for the sake of global currency-market stability.

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Japan's exports also moved swiftly up the value chain, but whereas this was not enough to support durable gains in its market share, China has the advantage of capital controls that will prevent its exchange rate rising as abruptly as Japan's did in the 1980s.

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Mr. LIN SHAO-WEN (Deputy Newsroom Director, China Radio International): The government here is saying that this is a market economy so it will take some measures to work for a manageable, freer flow of the exchange rate.

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