Years of rising yuan may be at end
Source: Shanghai Daily |
March 15, 2012, Thursday
|
Print Edition
Print Edition
Premier Wen Jiabao suggested yesterday the rise of the yuan against the dollar has ended.
Wen said the yuan has gained 30 percent in real terms since 2005 and has moved up and down since September in Hong Kong trading of nondeliverable forward contracts. Such contracts track the movement of currencies that are not freely traded, and are settled in dollars or other hard currencies.
"That shows that the renminbi exchange rate may possibly have reached an equilibrium exchange rate," he said.
Wen pledged to create a more flexible, market-based exchange rate system.
Wen said the yuan has gained 30 percent in real terms since 2005 and has moved up and down since September in Hong Kong trading of nondeliverable forward contracts. Such contracts track the movement of currencies that are not freely traded, and are settled in dollars or other hard currencies.
"That shows that the renminbi exchange rate may possibly have reached an equilibrium exchange rate," he said.
Wen pledged to create a more flexible, market-based exchange rate system.
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