Home>News Center>China
       
 

China has no plan to revalue yuan soon
(chinadaily.com.cn/agencies)
Updated: 2004-03-08 08:50

Deputy governor Li Ruogu of the People's Bank of China, the central bank, said on Sunday China has no plan to revalue the yuan in the near future and believes the pegged currency is correctly valued.

Speaking on the sidelines of a bimonthly meeting of central bank governors from the G10 industrialized nations and major emerging markets, Li also said China will closely monitor inflation although the domestic economy is not overheating.

Asked by reporters whether there was an imminent plan to revalue the yuan, Li said: "No ... I don't think there is pressure."

Asked if he thought the yuan was correctly valued now, he replied "Certainly I do."

The yuan, also known as the renminbi, is pegged at about 8.28 to the dollar. 

Speculation has swirled that China would soon make good on its longstanding plan to let the yuan trade in a wider range. Most economists expect the currency would rise if it were cut free.

China has repeatedly said that it would further reform foreign exchange regimes. The country has already relaxed foreign-exchange curbs, including allowing some service firms to retain more foreign exchange earnings and made it much easier for multinationals to deal in hard currency.

Watching Inflation

As part of financial sector reform, China has been pushing the "Big Four" state banks to whip operations and assets into shape before global banks gain near unfettered access to the Chinese market by late 2006 in line with World Trade Organization commitments.

On China's reform progress, Li said: "It could be a very long process, or short process, depending on all the preparations for the reform and how good work we can do for the next couple of years. (The reform progress is) so far so well."

China already has injected US$45 billion in foreign exchange reserves into two big state banks.

On the Chinese economy, he said: "I don't think the Chinese economy at this point is overheated ... certainly in several sectors ... cement, some industries, are overinvested, and we've already taken actions and measures to mitigate those problems. So far we've observed the outcomes we've expected."

"Inflation is something we are going to watch very closely."

Speaking last week, Guo Shuqing, China's head of foreign exchange and also a central bank vice governor, said inflation was still relatively mild and under control, though there was a need to give attention to "asset bubbles."

 
  Today's Top News     Top China News
 

Pakistanis may be near bin Laden's aide al-Zawahri

 

   
 

Government relaxes control of airfares, finally

 

   
 

U.S. launches WTO complaint against China

 

   
 

Report: China, Iran sign US$20b gas deal

 

   
 

FM to pay official visit to DPRK

 

   
 

women bosses urged to date and marry

 

   
  FM to pay official visit to DPRK
   
  As kids keep on calling, experts worry
   
  Gov'ts urged to clear up payments in arrears
   
  Sino-US trade advances amid problems
   
  Police website builds bridges to community
   
  Drought worsens capital water crisis
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
Forex chief: Don't bet on RMB appreciation
   
China to keep currency at `rational and balanced level'
   
Greenspan: RMB free floating could be risky
   
HSBC offers RMB business to domestic companies
   
China hits money laundering in forex crackdown
   
SAFE: Renminbi rate to remain basically stable
  News Talk  
  Staking a whole generation of Chinese entrepreneurs  
Advertisement
         
主站蜘蛛池模板: 一级毛片免费观看不收费| 亚洲综合色在线| 97国产在线视频公开免费| 国内一级一级毛片a免费| 一本色道久久88综合亚洲精品高清| 日本视频在线免费| 亚洲免费一级视频| 欧美黑人巨大白妞出浆| 免费亚洲视频在线观看| 美女毛片在线观看| 国产乱子伦农村xxxx| 黑人一个接一个上来糟蹋| 国产精品伦子一区二区三区| 97无码人妻福利免费公开在线视频| 好男人在线社区www| 亚洲精品亚洲人成在线播放| 波多野结衣和黑人| 午夜福利AV无码一区二区 | 最近免费中文字幕中文高清| 亚洲熟妇久久精品| 男人j桶女人j免费视频| 制服丝袜中文字幕在线观看| 美女奶口隐私免费视频网站| 国产不卡一卡2卡三卡4卡5卡在线| 麻豆精品传媒成人精品| 国产欧美日韩不卡在线播放在线| 91福利国产在线观看网站| 在线观看国产日本| av电影在线播放| 天天爽夜夜爽人人爽一区二区| 一本色道久久88加勒比—综合 | 免费a级黄色片| 精品久久久久久久久午夜福利| 又大又硬又爽又粗又快的视频免费| 老王666天堂网站| 国产v片成人影院在线观看| 青青草原免费在线| 国产成人女人视频在线观看| 激情网站免费看| 国产欧美日韩灭亚洲精品| 亚洲综合校园春色|