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

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To: RealMuLan who wrote (22431)	1/29/2005 6:41:34 PM
From: mishedlo	Read Replies (1) of 116555

DAVOS China pledges to float yuan after enacting reforms [Sheeesh - Now I have to comment on this. Yiwu, Thoughts please. Thanks. Mish] Saturday, January 29, 2005 1:38:49 PM DAVOS, Switzerland (AFX) - China will allow its currency to float freely on foreign exchange markets at some point in the future, but not before making structural improvements to its economy and reforming the banking sector, according to Vice Premier Huang Ju "We'll have a phased or step-by-step method to relax the restraints on the cross border trade of currency and gradually realize the convertibility of the renmimbi (yuan)," he told delegates at the World Economic Forum here Huang said China did not have a "specific timetable" for removing the yuan's peg to the US dollar as "several elements" would need to be addressed "We need to have a stable macro-economic environment, well established market mechanisms and a healthy operational system," he said. The government would also have to "to take into account the impact on regional areas", where development was not as advanced as on the country's eastern coast forexstreet.com

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