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China to gradually increase flexibility of RMB exchange rate: official
Latest Updated by 2006-03-06 09:17:39
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China to gradually increase flexibility of RMB exchange rate: official

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NPC & CPPCC Sessions 2006

 GD Provincial People's Congress & CPPCC annual Sessions

China will continue to gradually increase the flexibility of the RMB exchange rate, said Zhou Xiaochuan, governor of the People's Bank of China, on Sunday.

 

In a cabinet work report delivered at the just-opened annual parliament session on Sunday morning, Chinese Premier Wen Jiabao said China will "improve the system of managed floating foreign currency exchange rates and keep the RMB exchange rate basically stable at an appropriate and balanced level."

 

"What the premier said means that China would continue to increase the flexibility of the RMB exchange rate in a gradual manner," Zhou told Xinhua after the opening session.

 

The central bank governor said judging from the current stage of the RMB exchange rate reform and the exchange rates fluctuations in the international market, the present floating scope of the RMB exchange rate is "adequate."

 

Currently the Chinese central bank sets a daily central parity rate for the RMB yuan against U.S. dollar and allows the currency to trade within 0.3 percent around that level.

 

"This floating range can be expanded in terms of the future development, but it has to be based on the actual situation both at home and internationally," said Zhou.

 

The governor declined to answer the question whether China would adjust the floating scope of the RMB exchange rate before Chinese President Hu Jintao's visit to the United States, scheduled for April.

 

China revalued the yuan by 2.1 percent against the dollar on July 21 last year and dropped the 11-year peg to the U.S. unit in favor of a link to a basket of currencies. Currently the RMB exchange rate stands at 8.0380 yuan against one dollar, 2.88 percent dearer than last July.

 

Nevertheless, Washington has kept pressuring Beijing to take bigger steps in raising the flexibility of the RMB exchange rate.

 

Editor: Yan

By: Source: China View website
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