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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (15182)11/9/2004 1:10:37 AM
From: RealMuLan  Read Replies (2) of 116555
 
The head of the national Foreign Exchange Bureau of China indicated today that it is true for now the supply of the foreign exchange is over demand, so presents some pressure for RMB appreciation. Nonetheless, this oversupply of foreign exchange is not solid, and cannot be sustained over time. RMB exchange rate, in case it floats, may very well appreciate today but depreciate tomorrow depending on the fluctuation of supply and demand of foreign currencies. So China does not focus on RMB appreciation per se. What China focuses on is a sound, long-term foreign exchange system. And right now there are quite a few approaches under discussion, each has advantages and disadvantages. So nothing has been decided yet.
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