Home>News Center>China
       
 

China discloses currency basket composition
(AP)
Updated: 2005-08-10 13:53

China disclosed for the first time Wednesday the composition of the basket of currencies used to set the yuan's value, saying it mainly includes the U.S. dollar, euro, yen and Korean won, the Associated Press reported.

The currencies of Singapore, Britain, Malaysia, Russia, Australia, Canada and Thailand are also considered in setting the yuan's foreign exchange rate, Zhou Xiaochuan, the central bank governor, said during a speech to launch a new operations center for the People's Bank of China in Shanghai.

The news dispels at least some of the mystery surrounding the yuan's new exchange rate, although there was no information about the weightings of each currency.

When China cut its currency's decade-long peg to the U.S. dollar on July 21 and allowed it to move in a restricted float, it said the yuan's exchange rate would be determined by a collection of unspecified currencies.

At that time, the central bank said only that it had raised the yuan's value by about 2 percent to 8.11 yuan to the dollar from the previous rate of 8.27, and that the yuan would be allowed to move 0.3 percent in either direction each day.

Since then, the yuan has appreciated slightly on Shanghai's foreign exchange market, opening at 8.1070 yuan to the dollar Wednesday.

China's central bank also said Wednesday that it will tighten oversight of the country's foreign exchange markets while moving to liberalize its currency trading regime.

The statement came a day after it announced Beijing was expanding the country's foreign-exchange forwards business and launching currency swaps.

On Wednesday, the bank said it was also allowing nonbanking firms to trade in its onshore foreign exchange market and was launching foreign-exchange forwards on the domestic interbank market.

While widening currency trading onshore, the bank said it would strengthen its oversight and management of the market "to guarantee stable, orderly market operations and maintain the basic stability of the yuan exchange rate at a reasonable, balanced level."

The central bank said the new rules allowing broader use of foreign exchange derivatives were aimed at meeting the need to hedge foreign exchange risk following the July 21 revaluation.

"The timing and conditions are ripe for expanding the forex forwards business and launching the swaps business," the People's Bank of China said in a statement.

China began allowing some banks to offer yuan-foreign currency forwards to their clients beginning in 1997 as part of a pilot program. Up to now, only four major state-owned banks and three stockholding commercial banks have participated in the program, the central bank said.

The new rules allow all domestic banks to seek approval for conducting forwards trading. Financial institutions given that approval will be qualified six months later to begin swaps business.

The new rules also expand the range of forwards trading allowed.

However, the central bank said swaps of the yuan against foreign currencies couldn't involve the exchange of interest rates, implying the transactions wouldn't leave loopholes for trading of interest rate swaps.

Foreign banks also will be allowed to provide the derivative products to their clients.



Chimpanzee suffers from smoking addiction
The tide is high but they're holding on
China, Russia military drills stage landing
  Today's Top News     Top China News
 

EU, China begin talks on textile row

 

   
 

Joint forces storm beaches at climax of drills

 

   
 

Taiwan students on mainland given level fees

 

   
 

Japan, China to jointly develop 4G mobile

 

   
 

China says market to decide yuan's value

 

   
 

CCTV sends record invitations for festival

 

   
  Temasek close to buying BOC stake - FT
   
  N. Korea nuclear talks likely as planned
   
  Japan, China to jointly develop 4G mobile
   
  Two bus accidents claim 33, injure 56
   
  NPC debates further raising tax threshold
   
  Farmers protest over alleged lead poisoning
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement
         
主站蜘蛛池模板: 久久久噜久噜久久gif动图| 中文字幕av无码专区第一页| 激情国产AV做激情国产爱| 啊轻点灬大ji巴太粗太长h| 91香蕉视频黄色| 欧美a级v片在线观看一区| 人妻无码视频一区二区三区| 精品欧美同性videosbest| 国产乱码免费卡1卡二卡3卡四| 亚洲激情视频图片| 国产麻豆videoxxxx实拍| jizz中国免费| 性伦片美国刺激片在线观看| 久久久久久久91精品免费观看| 明星ai换脸高清一区| 亚洲人成网站在线观看青青| 波多野结衣作品大全| 国产又大又粗又长免费视频 | heyzo朝桐光在线播放| 性做久久久久久久久| 中文字幕人成人乱码亚洲电影| 日本免费小视频| 久久精品国产99精品最新| 果冻传媒在线观看播放绿野仙踪| 亚洲国产精品综合久久20| 美女张开腿让男人桶爽动漫视频 | 欧美一级视频在线观看欧美| 亚洲欧美人成综合导航| 波多野结衣和黑人| 偷天宝鉴在线观看国语| 精产国品一二三产区M553| 啦啦啦在线免费观看| 肥老熟妇伦子伦456视频| 无码专区HEYZO色欲AV| 啊灬啊别停灬用力视频啊视频| 野花社区视频www| 国产午夜电影在线观看不卡| 黄色免费一级片| 国产成人精品亚洲2020| 国产成人福利免费视频| 国产成人麻豆精品午夜福利在线|