Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: RealMuLan who wrote (36794)	7/31/2003 3:57:14 PM
From: RealMuLan	Read Replies (1) of 74559

Snow says doesn't know if China currency undervalued Reuters, 07.31.03, 12:13 PM ET WASHINGTON, July 31 (Reuters) - U.S. Treasury Secretary John Snow said on Thursday he didn't know whether China's yuan currency was undervalued, but said he encouraged a wider trading band for the unit. "I frankly don't have a firm view on it at this point," Snow said, in response to a series of questions from New York Democrat Charles Schumer during a hearing before the Senate Banking Committee. "What I do have a firm view on, though, is that we should encourage the Chinese ... in the reports that they are looking at widening the band on the yuan," Snow added. forbes.com

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