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Central bank denies revaluation in August
"Secretary Snow did not provide an assurance on a specific timeframe for when China would reform its currency regime. Targeting a specific date or timeframe is counter-productive," Fratto said in the report.
The newspaper also said that the US Treasury had told Beijing it needs to revalue the yuan by at least 10 percent against the dollar to prevent the US Congress from enacting protectionist legislation. It added that China was considering introducing a currency regime similar to the managed float operated by Singapore, one where the yuan would be pegged to a basket of currencies reflecting the country's weight in world trade. The details of the currency weightings of the basket would not be made public, the newspaper said, citing a person familiar with the Chinese administration's thinking. Whatever adjustments China makes to its currency regime, analysts said the time was ripe for revaluation. "Our view remains that a large 10 percent revaluation of the yuan against the dollar is imminent," said ING Barings chief economist Tim Condon. China, which keeps its currency effectively pegged at 8.28 yuan to the dollar, has been sharply criticised by some of its trade partners who claim Beijing keeps the yuan undervalued to give its exporters an unfair advantage. Although China has promised to introduce greater flexibility in its currency regime it has never given a timetable and insists it will not give in to outside pressure on the issue.
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