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Yuan move won't alter US trade gap
(Agencies)
Updated: 2005-07-24 10:17

Thailand's central bank governor said the move signaled China's willingness to adopt market reforms, and its trade minister said Thai exports should improve.

The announcement Thursday said Beijing would switch to a system in which the yuan, instead of being fixed in value against the dollar, will be allowed to fluctuate in a limited daily trading range of 0.3 percent vs the U.S. dollar, taking into account the market fluctuations of a basket of unspecified foreign currencies.

The new system restricts the currency's daily movement, but some economists say that over the next two years, the yuan could gain more grounds against major world currencies depending China's economic performance.

In trading Friday on China's tightly managed foreign exchange market, the yuan strengthened by about 2 percent to 8.11 to the U.S. dollar from 8.277 where it had been set for 11 years. That meant one yuan rose in value by about one-quarter of a U.S. cent to 12.33 cents.

The central bank spokesman said China began allowing the yuan's value to fluctuate slightly in 1994, but tightened controls after the 1997 Asian financial crisis, when a wave of speculation and devaluations was unleashed by Thailand's move to loosen its currency controls.

"Along with the gradual weakening impact of the Asian financial crisis, in recent years China's economy has experienced sustained, steady and rapid development, economic structural reform has witnessed continuous deepening (and) new progress has been made in the financial field," the spokesman said.


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