Call To Widen Yuan's Daily Trading Band
By Joy Wang |
May 8, 2010, Saturday
|
Print Edition
Print Edition
CHINA should consider widening the yuan's daily trading band and restoring the foreign exchange system to what it was before the global financial crisis as soon as possible, the State Information Center said.
"China had better increase the flexibility of its currency valuation system before the influx of huge amounts of speculative money," the center said. It advised a gradual reform of the forex system, and said the country should first expand the daily trading band.
The People's Bank of China gives the reference quote, or daily opening rate, and allows a 0.3 percent daily trading band under the managed floating system.
The yuan depegged from the US dollar in 2005, and it had risen about 20 percent until the middle of 2008 when its climb was halted on the global financial crisis. The yuan has been flat against the dollar at 6.83.
"China had better increase the flexibility of its currency valuation system before the influx of huge amounts of speculative money," the center said. It advised a gradual reform of the forex system, and said the country should first expand the daily trading band.
The People's Bank of China gives the reference quote, or daily opening rate, and allows a 0.3 percent daily trading band under the managed floating system.
The yuan depegged from the US dollar in 2005, and it had risen about 20 percent until the middle of 2008 when its climb was halted on the global financial crisis. The yuan has been flat against the dollar at 6.83.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
