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

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To: RealMuLan who wrote (15120)	11/8/2004 10:15:27 AM
From: mishedlo	Read Replies (1) of 116555

Chinese yuan appreciation not foregone conclusion - report Monday, November 8, 2004 7:42:49 AM afxpress.com BEIJING (AFX) - A substantial appreciation of the Chinese yuan is not a foregone conclusion, the official China Securities Journal reported, citing an official at the State Administration of Foreign Exchange (SAFE). "High expectations for a yuan appreciation are unsubstantiated," the newspaper quoted an unidentified SAFE official as saying. "For the time being, the value of the yuan seems likely to appreciate, but it could just as easily depreciate." "What's important for China's foreign exchange reform is a foreign exchange mechanism adjustment rather than a simple change of the foreign exchange rate." There is currently more than one plan for reforming the foreign exchange mechanism, the unnamed official said, without elaborating on details. Earlier, local media reports said that China will take a "gradual and safe" approach to loosening the yuan-dollar peg, and make the yuan's exchange rate more flexible

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