NBS: Administrative adjustment of RMB ruled out
Updated: 2006-07-18 18:53 China would not appreciate or
depreciate RMB with one-time administrative measure, Zheng Jingping, a spokesman
for the National Bureau of Statistics (NBS) said Tuesday during a press
conference on national economic operation in the first half of this year.
Regarding the exchange rates of RMB, Zheng said the reform of RMB exchange
rate producing mechanism in the past year was successful. China began its
currency reform on July 21 of last year.
RMB exchange rates have witnessed appreciation during the one-year
fluctuation of the past year. By the end of June, RMB exchange rates had
increased by 3.5% from July 21 of last year, including the one-time appreciation
of 2% at the beginning of the reform.
Zheng said the current RMB exchange rate producing mechanism had reversed the
imbalance of the China¡¯s import and export trades, playing a positive role in
the stable economic operation.
Zheng said the mechanism needed further improvement but one-time
administrative appreciation or devaluation of RMB would not happen any more as
Premier Wen had said, i.e. there will be no more surprises on currency
Zheng said Chinese economy had been an important part of world economy and
any change in Chinese economy or financing would affect the operation of world
economy and financing.
"Speculators will not achieve their goal or gain from making bets on RMB
appreciation," Zheng said.