Former Nobel Prize winner in economics Joseph Stiglitz described the current RMB debate as "irony" on a forum held Tuesday in Hong Kong.
"China was urged not to devalue (RMB) in 1997, and it was argued that greater flexibility would destabilize global financial markets", he said, adding the current pressure on China to appreciate its currency is of certain irony.
He said it is necessary to "recognize that there are problems with all exchange rate systems", noting that even if China adopts an exchange rate system in accordance with what other countries have asked, it could not be a perfect one.
According to him, on the real side, prospect of stronger dollar remains slim. He said central banks may further diversify away from US dollar as reserve currency, and he argued that the end of dollar as the reserve currency is coming.