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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Haim R. Branisteanu who wrote (30796)	5/26/2005 12:03:24 PM
From: mishedlo	of 116555

China PBoC to keep yuan stable within reasonable, balanced level - Thursday, May 26, 2005 10:42:25 AM afxpress.com China PBoC to keep yuan stable within 'reasonable, balanced' level - UPDATE China will keep its currency stable and at a "reasonable and well-balanced level," while seeking to improve the yuan's exchange rate mechanism, the People's Bank of China said In its first-quarter report, the central bank said that it would seek to further streamline its foreign exchange system to facilitate the orderly outflow of funds. At the same time it said it would tighten the management of foreign exchange inflows and settlement The central bank said it will maintain prudent monetary policy to support economic development while seeking to head off inflationary pressure and financial risk. It said, however, that because of China's large increase in its trade surplus and foreign exchange reserves in the first quarter, the effectiveness of its monetary policy is facing "serious challenges." The bank said it willseek to curb the excessive growth in debt, especially short-term debt, carried by foreign companies and banks in China.

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