Latest topics
China Considers Expanding Yuan Trading Band
Page 1 of 1
China Considers Expanding Yuan Trading Band
Mar 5, 2012 8:58 AM CT .
China Considers Expanding Yuan Trading Band
China may “appropriately” widen the yuan’s trading band to better reflect market supply and demand, Xinhua News Agency reported, citing People’s Bank of China Governor Zhou Xiaochuan.
Zhou said the yuan has gradually met the requirements to become more of a floating currency, Xinhua reported. As China improves its industrial structure and gradually reduces its trade surplus, the yuan is now moving “very close” to a “balanced level,” Xinhua reported in English, citing Zhou.
The Chinese yuan, also called the renminbi or RMB, has appreciated 31 percent since July 2005 when the government abandoned a peg to the U.S. dollar. The central bank announces a central parity for the yuan against nine other currencies every trading day and allows the yuan to strengthen or weaken by 0.5 percent from the rate every day.
“The RMB exchange rate has gradually met the requirements for greater floating,” Zhou told Xinhua in an interview at the annual parliamentary session. “The PBOC is considering that the yuan’s daily floating band could be increased.”
In today’s trading, the yuan declined to its weakest level in almost a month on speculation policy makers will slow appreciation as growth in Asia’s biggest economy decelerates. The central bank weakened the currency’s daily fixing by the most since November 2010, setting it 0.22 percent lower at 6.3121 per dollar.
Premier Wen Jiabao set an economic growth target of 7.5 percent for this year, the slowest since 2004, in a speech at the National People’s Congress in Beijing today. He also set an inflation target of 4 percent, unchanged from last year.
http://www.bloomberg.com/news/2012-03-05/china-considers-expanding-yuan-s-trading-band-xinhua-reports.html
China Considers Expanding Yuan Trading Band
China may “appropriately” widen the yuan’s trading band to better reflect market supply and demand, Xinhua News Agency reported, citing People’s Bank of China Governor Zhou Xiaochuan.
Zhou said the yuan has gradually met the requirements to become more of a floating currency, Xinhua reported. As China improves its industrial structure and gradually reduces its trade surplus, the yuan is now moving “very close” to a “balanced level,” Xinhua reported in English, citing Zhou.
The Chinese yuan, also called the renminbi or RMB, has appreciated 31 percent since July 2005 when the government abandoned a peg to the U.S. dollar. The central bank announces a central parity for the yuan against nine other currencies every trading day and allows the yuan to strengthen or weaken by 0.5 percent from the rate every day.
“The RMB exchange rate has gradually met the requirements for greater floating,” Zhou told Xinhua in an interview at the annual parliamentary session. “The PBOC is considering that the yuan’s daily floating band could be increased.”
In today’s trading, the yuan declined to its weakest level in almost a month on speculation policy makers will slow appreciation as growth in Asia’s biggest economy decelerates. The central bank weakened the currency’s daily fixing by the most since November 2010, setting it 0.22 percent lower at 6.3121 per dollar.
Premier Wen Jiabao set an economic growth target of 7.5 percent for this year, the slowest since 2004, in a speech at the National People’s Congress in Beijing today. He also set an inflation target of 4 percent, unchanged from last year.
http://www.bloomberg.com/news/2012-03-05/china-considers-expanding-yuan-s-trading-band-xinhua-reports.html
*****************
"WHEN THE POWER OF LOVE OVERCOMES THE LOVE OF POWER, THE WORLD WILL KNOW PEACE"
lexie- Elite Member
- Posts : 1812
Join date : 2011-06-24
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Wed Mar 27, 2024 6:02 am by Ditartyn
» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Sat Mar 23, 2024 9:25 am by swizzlestick
» ZIGPLACE
Wed Mar 20, 2024 6:29 am by Zig
» CBD Vape Cartridges
Thu Mar 07, 2024 2:10 pm by Arendac
» Classic Tony is back
Tue Mar 05, 2024 2:53 pm by Mission1st
» THE MUSINGS OF A MADMAN
Mon Mar 04, 2024 11:40 am by Arendac
» Minister of Transport: We do not have authority over any airport in Iraq
Mon Mar 04, 2024 11:40 am by Verina
» Did Okie Die?
Mon Mar 04, 2024 11:34 am by Arendac
» Hello all, I’m new
Wed Jan 31, 2024 8:46 pm by Jonny_5
» The Renfrows: Prophets for Profits, Happy Anniversary!
Wed Jan 31, 2024 6:46 pm by Mission1st
» What Happens when Cancer is treated with Cannabis? VIDEO
Wed Jan 31, 2024 8:58 am by MadisonParrish
» An Awesome talk between Tucker and Russell Brand
Wed Jan 31, 2024 12:16 am by kenlej
» Trafficking in children
Mon Jan 29, 2024 7:43 pm by kenlej
» The second American Revolution has begun, God Bless Texas
Mon Jan 29, 2024 6:13 pm by kenlej
» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
Sun Jan 28, 2024 3:28 pm by Mission1st
» Tucker talking Canada
Wed Jan 24, 2024 6:50 pm by kenlej
» Almost to the end The goodguys are winning
Mon Jan 22, 2024 9:03 pm by kenlej
» Dinar Daily Facebook Page
Mon Jan 22, 2024 3:34 pm by Ponee
» The Fundamentals of Finance and Pimpy Live
Thu Jan 18, 2024 7:17 am by Dinarhater
» Why Won't the Iraqi Dinar Scam Die?
Wed Jan 17, 2024 5:19 pm by RamblerNash