China's yuan makes slow gains on the market China's central bank ruled out any more abrupt ups
and downs in the value of its currency, the yuan, pouring cool water on further
Updated: 2005-08-30 11:29
The yuan, also called Renminbi, on
Monday climbed to its highest level since its July 21 revaluation, as the
comments by Ma Delun, a deputy governor of the People's Bank of China, suggested
Beijing banking authorities will allow the yuan appreciate in the foreign
exchange market in Shanghai.
A Chinese woman
walks past a poster advertising a foreign exchange business at a bank in
Shanghai August 11, 2005. China's yuan strengthened further to a new
post-revaluation high versus the dollar on Thursday, a day after the
central bank revealed the foreign currencies in its reference basket.
"Right now we often hear corporates and all sorts of people asking when is
the next time the foreign exchange rate will be adjusted," Ma said.
"I'd like to tell everyone, the next change in the yuan exchange rate is now
happening everyday, every hour the changes are happening," Ma said in a speech
given over the weekend at a conference in the southern Chinese city of Shenzhen.
The yuan rose to 8.0954 to the U.S. dollar on Monday, its highest close since
July 21, when the People¡¯s Bank of China revalued the currency at 8.11 yuan to
the U.S. Dollar, up about 2.1 percent from the previous rate of 8.28 yuan. The
July 21 revaluation also cut the yuan's decade-old peg to the U.S. dollar,
linking it instead to a basket of currencies of China's main trading partners,
including the U.S., Japan, the EU and South Korea.