HenryTo
Site Admin
Joined: 06 Aug 2004
Posts: 11732
Location: Los Angeles, California
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 Posted: Tue Mar 14, 2006 12:01 am Post subject: China: No More Plans for Currency Changes |
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So much for all these predictions of a revaluation this April:
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China: No More Plans for Currency Changes
Monday March 13, 11:27 pm ET
Premier Says China Has No Plans for More Administrative Changes to Currency's Value
BEIJING (AP) -- Premier Wen Jiabao said Tuesday that China sees no need for further one-time administrative changes in the exchange rate of its currency following a decision last July to drop its direct link to the dollar.
"There will be no more surprises," Wen said at a news conference.
Wen said the current system, which bases the value of the Chinese yuan on a group of global currencies, allows enough flexibility for the currency, also known as the renminbi, to fluctuate on its own.
"It is no longer necessary for us to take a one-off administrative means to affect the movement of the renminbi either upward or downward," he said. |
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