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No more unexpected changes of RMB exchange rates: Wen
Latest Updated by 2006-03-14 14:41:03

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NPC & CPPCC Sessions 2006

 GD Provincial People's Congress & CPPCC annual Sessions

China will introduce no more unexpected changes in reforming the exchange rate of its currency, the RMB yuan, Chinese Premier Wen Jiabao announced on Tuesday.

 

"There will be no more surprise," said Wen at a press conference in the Great Hall of the People in downtown Beijing, atthe end of the national legislature's annual session.

 

Such practice as making the RMB exchange rate fluctuate upward or downward by administrative means and once and for all will no longer exist, said the premier.

 

While meeting the press on the same occasion last year, the premier said that China would take unexpected moves regarding the RMB exchange rate.

 

In July, the country announced it had abandoned its longtime practice of pegging the RMB to the U.S. dollar, and the RMB yuan has since appreciated against the dollar by a margin of nearly 3 percent.

 

Wen said efforts will be continued to further improve the RMB exchange rate system, expand the capacity of its foreign currency market and enhance the flexibility of the RMB exchange rate.

 

"Based on the current RMB exchange rate system, there is room for the RMB exchange rate to fluctuate on its own. Such practice as making the RMB exchange rate go up or down by administrative means and once and for all will no longer exist. There will be no more surprise," he said.

 

Editor: Yan

By: Source:China View website
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