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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Justa Werkenstiff who wrote (7578)8/8/1999 5:41:00 PM
From: Justa Werkenstiff  Read Replies (4) of 15132
 
HK bankers group chief sees no yuan devaluation


HONG KONG, Aug 6 (Reuters) - The chairman of the Hong Kong Association of Banks said on Friday he saw no need for China to devalue the yuan.

HKAB chairman Liu Jinbao, who is also chief executive of the Bank of China in Hong Kong, also said he had not seen any sign of change in China's policy of maintaining its currency at current levels.


"We haven't seen to date signs of change in the renminbi exchange rate policy," Liu told reporters following the HKAB's regular weekly meeting.

"Judging from the present situation...I presently think that there is no need for a yuan devaluation now," said Liu, adding: "I hope there won't be too much speculation in the market."

Rumours of a yuan devaluation, which have popped up from time to time over the past couple of years, have been circulating more frequently recently because of China's poorer trade performance and amid worries over a row between Beijing and Taiwan.

Liu said he believed the financial markets have been too sensitive to rumours about a yuan devaluation.

China's central bank earlier on Friday reiterated there had been no change in its policy on the yuan. Beijing has promised not to devalue the yuan as long as economic fundamentals support its current value against the U.S. dollar.

On Friday, the yuan was at 8.2773 per U.S. dollar.
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