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

To: RealMuLan who wrote (5380)	8/28/2005 12:47:04 AM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

No further yuan revaluation: China BEIJING: China's central bank has ruled out any further currency revaluation, emphasising that the market will decide the yuan's value and the government will not appreciate it any further, reports Xinhuanet. Economists had foreseen the yuan, officially known as the renmenbi, appreciating gradually over coming months. US manufacturers complain it remains undervalued despite its 2.1 per cent revaluation July 21. The central bank, however, has signalled it would not tolerate sharp gains in the currency, downplaying chances for another currency move similar to last month's landmark revaluation. "This will be decided by the market. The government will not decide the yuan's level," Wu Xiaolin, the central bank vice governor, said at a financial forum in Shanghai, China's commercial stronghold. "All policies will be kept stable" in the second half, said Wu, referring to economic and monetary policies. The government scrapped the yuan's decade-old peg to the US dollar July 21, throwing global stock and currency markets into turmoil. Some economists think currency speculators may bet on a bigger appreciation in the yuan, especially with President Hu Jintao preparing to meet US President George W. Bush in September. economictimes.indiatimes.com