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China: no further one-off yuan adjustment
www.chinanews.cn 2006-03-29 14:06:55
Chinanews, Beijing, Mar.29 (By Wei Xi) - China's central bank spokesman
Li Chao said on the 28th when responding to a reporter's question about
currency that the RMB will not have another officially announced one-off
adjustment. Instead, it will fluctuate on its own in accordance with
currency supply and demand and major world cross rates changes, under the
current managed floating currency regime.
China implemented last July 21st the managed floating currency regime
based on market supply and demand and referenced to a basket of other
currencies. In these past eight months, the RMB fell and rose against the
U.S. dollar, fluctuated in both directions and its flexibility obviously
strengthened. Especially since the implementation of market-maker system,
the RMB's adroitness was raised by a large margin. Up through this March
21st, the RMB versus the U.S. dollar has cumulatively risen 3.09%.
The Central Bank said that China will further perfect the reform of the
RMB currency regime, develop the forex markets and increase the RMB's
flexibility and raise financial institutions' self-assessment and risk
control capabilities.
Central Bank spokesman Li Chao said today that due to current existing
system and in accordance with market changes, the RMB has the window and
the capability of moving up or down on its own. Therefore, the RMB will
no longer have another officially announced one-off adjustment. Instead,
under the current floating currency regime, it will freely fluctuate
according to market supply and demand and changes in major international
cross rates.
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