Forex Blog: Currency Trading News & Analysis.

August 29th 2005

China downplays Yuan revaluation

In a recent press release, high-ranking members of China’s Central Bank claim no further revaluations of the Yuan will take place. This time, they may be serious. In previous reports, officials coyly stated they would revalue, without laying out a timetable for such a revaluation. In this latest report, these same officials downplayed the possibility of further Yuan revaluations, saying the forex markets would determine the future value of the Yuan. They quickly added that any sudden appreciation of the Yuan would be mitigated. While it is possible the officials are still being coy, it seems likely that another revaluation is a distant prospect. The Economic Times reports:

“This will be decided by the market. The government will not decide the yuan’s level,” Wu Xiaolin, the central bank vice governor said.

Read More: No further yuan revaluation: China

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Posted by Adam Kritzer | in Central Banks, Chinese Yuan (RMB) | No Comments »

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