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

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To: ild who wrote (37347)	9/16/2005 2:31:56 AM
From: mishedlo	Read Replies (2) of 116555

China´s central bank warns against expectations of yuan appreciation - Xinhua Friday, September 16, 2005 4:51:09 AM afxpress.com China's central bank warns against expectations of yuan appreciation - Xinhua BEIJING (AFX) - China's central bank has warned against speculation that the yuan can only strengthen against the US dollar, state media reported Yi Gang, the assistant central bank governor, was quoted by the official Xinhua news agency as saying at a forum that speculators should consider possible risks to China's economic development, including substantial non-performing assets in the financial sector and shortages in coal, electricity and oil "All realities tell us there are risks ahead. We can expect a bright future for China's economic growth but at the same time we also need to pay attention to problems. Our expectation (on the value of the yuan) should not only go in one direction," Yi said After months of intense US pressure, China freed the yuan from an 11-year-old peg to the US dollar in July and replaced it with a trade-weighted basket of currencies, allowing the local unit to appreciate 2.1 pct The yuan ended yesterday at a post-revaluation high of 8.0887 to the US dollar. Statistics from China Foreign Exchange Trading Center showed that 363-day yuan forward is trading at 7.86 to the dollar today, a 2.83 pct appreciation from yesterday's close Yi also repeated the central bank's stance that it is fully confident it can maintain the basic stability of the yuan exchange rate, adding the current rate reflects the country's economic situation

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