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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (715)	9/15/2003 3:28:19 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

S&P says yuan float could hit China ratings Reuters, 09.15.03, 2:57 AM ET SINGAPORE, Sept 15 (Reuters) - International ratings agency Standard & Poor's said on Monday that a flotation of China's currency would be dangerous and could damage the country's debt rating. S&P said the Chinese banking system was insolvent and ill-equipped to handle volatility in the exchange rate. Any move to a floating currency would also hurt the ratings of local banks, it said in a statement. China's yuan, also known as the renminbi, is effectively pegged to the U.S. dollar around 8.28 yuan, a level that has been criticised by Japanese, U.S. and European policymakers as too weak and not reflecting recent strong growth in China's economy. forbes.com