giovedì, luglio 21, 2005

CHINA: YUAN MORE FLEXIBLE BASED ON CURRENCY BASKET

7:16am 07/21/05

China to value yuan against basket of currencies By Steve Goldstein
LONDON (MarketWatch) -- The People's Bank of China said it'll dropping its yuan-dollar peg in favor of one vs. a basket of currencies. The daily trading price of the dollar vs. the yuan will continue to be allowed to float within a band of 0.3%, while the trading prices of non-U.S. dollar currencies will be allowed to move in yet-to-be announced bands. "The People's Bank of China will make adjustment of the RMB exchange rate band when necessary according to market development as well as the economic and financial situation. The RMB exchange rate will be more flexible based on market condition with reference to a basket of currencies," it said.

7:11am 07/21/05 YEN UP 0.9% VS U.S. DOLLAR; ONE DOLLAR AT 111.69 YEN
7:10am 07/21/05 CHINA: YUAN MORE FLEXIBLE BASED ON CURRENCY BASKET
7:09am 07/21/05 CHINA TO SET RATE TO 8.11 YUAN PER DOLLAR ON THURSDAY

1 commento:

Panini ha detto...

China revalues yuan
Ends peg to the U.S. dollar that was under fire from critics; first step in currency reform.
July 21, 2005: 7:22 AM EDT

SHANGHAI (Reuters) - China scrapped the yuan's peg to the U.S. dollar Thursday and tied it to a basket of currencies, the central bank said, the first steps in highly anticipated reforms aimed at letting the currency float freely.

The new yuan rate versus the dollar revalues the currency by 2.1 percent, to 8.11 per U.S. dollar as of 7 a.m. ET, the central bank said on its Web site.

Under the previous policy, the yuan was kept near 8.28 per dollar, a virtual peg that had led the United States and other countries to complain that China's currency was unfairly undervalued.

The changes came amid intense speculation that Beijing would overhaul its currency regime, which had been basically unchanged since the 1997/98 Asia crisis.