PBOC adviser predicts yuan stability in 18 months
By Wang Yanlin |
February 25, 2012, Saturday
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Print Edition
Print Edition
IT may take up to 18 months for China's currency to stabilize, until then the yuan may keep moving up and down, said Li Daokui, an adviser to the People's Bank of China, the central bank.
"The yuan exchange rate will undergo gradual adjustment for one year to a year and a half before it can stabilize. In other words, the yuan may be able to fluctuate in both directions until then," the China Securities Journal quoted Li as saying yesterday.
The yuan has gained nearly 30 percent since China broke its peg to the US dollar in 2005. Li said the yuan is now close to a balanced level and China's trade surplus is likely to fall below 1 percent of its gross domestic product this year. The yuan gained 0.02 percent this week to close at 6.2978 yesterday, according to the China Foreign Exchange Trade System. Li said his estimation was based on relatively steady growth in China and around the world.
"The yuan exchange rate will undergo gradual adjustment for one year to a year and a half before it can stabilize. In other words, the yuan may be able to fluctuate in both directions until then," the China Securities Journal quoted Li as saying yesterday.
The yuan has gained nearly 30 percent since China broke its peg to the US dollar in 2005. Li said the yuan is now close to a balanced level and China's trade surplus is likely to fall below 1 percent of its gross domestic product this year. The yuan gained 0.02 percent this week to close at 6.2978 yesterday, according to the China Foreign Exchange Trade System. Li said his estimation was based on relatively steady growth in China and around the world.
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