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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (715)9/15/2003 3:28:19 PM
From: RealMuLan  Read Replies (1) of 6370
 
S&P says yuan float could hit China ratings
Reuters, 09.15.03, 2:57 AM ET
SINGAPORE, Sept 15 (Reuters) - International ratings agency Standard & Poor's said on Monday that a flotation of China's currency would be dangerous and could damage the country's debt rating.

S&P said the Chinese banking system was insolvent and ill-equipped to handle volatility in the exchange rate. Any move to a floating currency would also hurt the ratings of local banks, it said in a statement.

China's yuan, also known as the renminbi, is effectively pegged to the U.S. dollar around 8.28 yuan, a level that has been criticised by Japanese, U.S. and European policymakers as too weak and not reflecting recent strong growth in China's economy.
forbes.com
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