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

To: RealMuLan who wrote (2532)	1/21/2004 10:42:35 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China's currency will remain stable this year: chief economist BEIJING: China will keep its currency stable this year and has no plans to change the yuan's peg to the dollar, a chief economist here says. "I feel the renminbi (RMB) still needs to be stable. Stability is beneficial. It's beneficial to Asia, to the world," said Yao Jingyuan, chief economist and spokesman for China's National Bureau of Statistics. Advertisement Asked whether the currency will definitely remain stable, Yao told reporters: "Definitely." Pushed on whether there were plans to adjust the exchange rate, he said: "No." He was speaking at the end of a press conference in which the bureau revealed China's gross domestic product grew by 9.1 percent in 2003. State media had reported in December that China's central bank was quietly moving ahead with a plan to peg the yuan to a basket of 10 currencies, instead of the US dollar alone. A prospective 10 currencies would represent China's largest trade partners as well as its main sources of investment, the China Business Post reported, citing sources with the People's Bank of China. At a later phase China could eventually allow a "managed float" that would permit the currency to move within a set range, the report said. channelnewsasia.com