Home>News Center>China
       
 

Central bank: Yuan change not one-off move
(Reuters)
Updated: 2005-08-29 13:43

Recent reforms to China's currency regime do not represent a one-off adjustment, Chinese central bank governor Zhou Xiaochuan told the Financial Times, repeating a commitment to gradually make the exchange rate more flexible.

Recent reforms to China's currency regime do not represent a one-off adjustment, Chinese central bank governor Zhou Xiaochuan told the Financial Times, repeating a commitment to gradually make the exchange rate more flexible.
Zhou Xiaochuan [newsphoto/file]
Zhou said a managed floating exchange rate was in place that would allow a move to a market-driven system.

"I think it's very clear that China is introducing a new exchange rate mechanism. It is not a one-time adjustment," said Zhou in an interview published on Monday.

The government has often said that China is moving toward greater flexibility in its exchange rate, but it has given no clear indication on when the currency might be further revalued.

And after last month's 2.1 percent revaluation of the yuan to 8.11 per dollar, it said more such adjustments should not be taken for granted.

The Financial Times said Zhou had declined to give a timetable for widening the band in which the renminbi was allowed to float or for moving to a more market driven system.

But the newspaper quoted him as saying observers should not assume progress would be very slow.

Zhou said in the initial period movement might seem small, "but the important thing is that it has started to float and over time market forces will play a more and more important role."



Explosion near Sanlitun
Tornado occurs off the waters of Zhejiang
Taiwan experts in Sichuan for panda selection
  Today's Top News     Top China News
 

Economists: Zhu Rongji's pro-active policy once more

 

   
 

N.Korea says not ready for nuclear talks

 

   
 

Central bank: Yuan change not one-off move

 

   
 

Hearing scheduled for tax threshold

 

   
 

Sexual harassment against women outlawed

 

   
 

Delegates discuss panda practicalities

 

   
  Sexual harassment against women outlawed
   
  Yuan adjustment not one-off move - banker
   
  China ratifies WHO anti-tobacco treaty
   
  Economists: Zhu Rongji's pro-active policy once more
   
  More flats for low-income families urged
   
  Sino-US textile talks to resume
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement