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To: Enigma who wrote (32943)	4/30/1999 10:37:00 PM
From: lorne	Respond to of 116759

Allow yuan to fluctuate narrowly, Stanchart urges HONG KONG, April 30 (Reuters) - Standard Chartered Bank <STAN.L> said on Friday China should allow its currency to fluctuate in a narrow range. It said that while Chinese authorities needed to honour the promise of not devaluing the renminbi in 1999, they should allow the currency to fluctuate in a narrow band. "This could help to diffuse unnecessary speculative pressure on the currency by making speculators feel that the currency is not a one-way bet," Standard Chartered Bank said in a report. "By allowing the currency to fluctuate mildly initially, and by widening over time the band within which such fluctuations occur, China could shift gradually to a more flexible approach to managing its currency," it said. As China continues to reform its economy, a more flexible exchange rate regime is required in the longer term, it said. Standard Chartered Bank disputed the idea that China had lost export competitiveness because of the depreciation of other Asian currencies. It said the country's exports fell only because of a collapse in demand in the east Asia region, not because of a loss of competitiveness. The Chinese yuan, or renminbi, is fixed at a rate of 8.28 yuan per U.S. dollar. moneynet.com@NEWS-P1&Index=4&HeadlineURL=../CategoryNews/CategoryNews.asp&DISABLE_FORM=&NAVSVC=News\Category