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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (17040)11/29/2004 8:23:00 AM
From: mishedlo  Read Replies (1) of 116555
 
China central bank official says no timetable for yuan exchange rate reform
Monday, November 29, 2004 8:42:27 AM
afxpress.com

BEIJING (AFX) - China has no timetable for reform of its exchange rate regime for the yuan, although reform will come eventually, the China Securities Journal reported, citing central bank vice governor Li Ruogu

"The yuan's exchange rate mechanism will be reformed further but there is no timetable for it," Li said

Li said the yuan exchange rate will remain stable

Pressure has been mounting on China to revalue its currency, which is pegged to the US dollar, or to increase the flexibility of the Chinese exchange rate mechanism. The yuan has effectively been pegged at 8.3 yuan to the dollar since 1994

Last week, Li was quoted by the Financial Times as saying that an appreciation of the yuan would not solve structural problems in the US, and that although China is gradually moving towards greater exchange rate flexibility, it would not do so under heavy external pressure

He said the best environment for China to introduce a more flexible exchange rate is when it is not a focus of attention and when the appropriate domestic financial infrastructure is in place
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