HenryTo
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Joined: 06 Aug 2004
Posts: 11732
Location: Los Angeles, California
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 Posted: Tue Oct 25, 2005 10:12 pm Post subject: China says yuan to appreciate in long run-paper |
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However, the Vice Governor has also stated that there are "no immediate plans" to expand the yuan's trading band.
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Wednesday October 26, 7:38 AM
China says yuan to appreciate in long run-paper
SHANGHAI, Oct 26 (Reuters) - China's central bank has said the Chinese yuan would appreciate in long run, though there will be 'zigzags' in the process, an official newspaper said on Wednesday.
"It is a general trend that the renminbi will appreciate in the future," Wu Xiaoling, vice governor of the People's Bank of China, was quoted by the China Securities Journal as saying.
"But the market, financial institutions and enterprises need time to adapt to the change," Wu was quoted as saying on the sidelines of a banking event.
"So there will be some uncertainties and consequently, the renminbi's appreciation will be a 'zig-zagged' process."
On Tuesday, Wu told Reuters Beijing had no immediate plan to expand the yuan's trading band. The central bank now confines the trading band against the dollar at a daily maximum of 0.3 percent from the previous close. |
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