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

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To: RealMuLan who wrote (22319)	1/28/2005 9:41:40 AM
From: mishedlo	Read Replies (1) of 116555

China central bank says remarks on yuan revaluation not bank policy Friday, January 28, 2005 4:18:51 AM BEIJING (AFX) - The People's Bank of China said remarks by a member of the monetary policy committee that it is time for a revaluation of the yuan do not reflect the views of the central bank "Yu (Yongding)'s comments do not represent opinion of the central bank or the monetary policy committee," an official at the press office of the central bank told XFN-ASIA. "It is purely his personal opinion as a scholar at the Chinese Academy of Social Sciences," said the official who asked not to be quoted by name Yu is a leading academic as well as a member of the monetary policy committee which is under the direction of the central bank but also includes non-central bankers. He was quoted in media reports from the World Economic Forum in Davos, Switzerland, as saying it was time for more flexibility in the exchange rate and that meant a revaluation The yuan is effectively pegged at about 8.3 to the dollar. Many critics of China's currency policy insist the yuan is undervalued and that a more flexible exchange rate regime is needed This was not the first time Yu's remarks created friction with the central bank. Yu previously came under pressure after he was quoted as telling an academic seminar that China was reducing its holdings of US treasuries because of the sagging US dollar. Those remarks triggered a steep sell-off of US treasuries Yu later insisted he was misquoted and that he had actually said that China had reduced its treasury holdings as a proportion of its rapidly growing foreign reserves [Looks like they need to get this boy to shut up. Mish] China's finance minister Jin Renqing and central bank governor Zhou Xiaochuan will soon leave for London to attend the G7 finance ministers meeting where they are expected to hold discussions with their counterparts about the yuan's exchange rate forexstreet.com

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