Ahead of G-20, China provides for Yuan flexibility
June 21st, 2010 - 4:38 pm ICT by ANINew Delhi, June 21 (ANI): With the Group of Twenty (G-20) set to meet at the end of this week, the People’s Bank of China (PBOC), China’s central bank, has said that it will allow greater flexibility for the national currency - Yuan — a move that is likely to assuage critics in the West.
The West has repeatedly complained and objected to China undervaluing its currency, and Beijing, has decided to set the daily reference point for trading.
Currently the Yuan is valued at 6.7969 per dollar, the biggest intra-day rise since China revalued the currency in 2005, a foreign news agency reported.
The Yuan is permitted to rise or fall 0.5 percent from the daily reference rate, but it has rarely tested that band.
China’s economic strength gave policymakers confidence to end the peg, but they remain worried demand for China’s exports is not on a solid footing given risks like Europe’s debt woes.
The central bank has ruled out a one-off revaluation of the currency and suggested that the Yuan’s value is close to fair value. (ANI)
- Brazil must keep currency competitive, says minister - Mar 14, 2012
- Pakistan, China ink currency swap deal - Dec 24, 2011
- Japanese Yen falls against the Dollar - Sep 24, 2010
- China cuts bank reserve requirement - Feb 19, 2012
- Rupee sinks to 56.18 against dollar (Lead) - May 23, 2012
- Obama expected to raise currency spat with Wen - Sep 22, 2010
- India happy over China's currency move: Pranab Mukherjee - Jun 22, 2010
- Stabilising prices remains top priority for China: central bank - Aug 13, 2011
- Rupee to stay volatile on uncertain economic outlook - Dec 18, 2011
- Rupee slide continues, now at another all-time low - Dec 14, 2011
- Yuan needs to play bigger role in Central Asia: Chinese banker - Jun 14, 2011
- Chinese own 2.95 bn bank cards - Mar 19, 2012
- Rupee slides below 56 against dollar - May 23, 2012
- India's forex reserves slump by $3.14 bn - Jan 15, 2012
- BRICS to ink currency pacts, to push joint bank - Mar 28, 2012
Tags: bank of china, beijing, confidence, debt woes, economic strength, europe, flexibility, footing, foreign news, june 21, national currency, New Delhi, news agency, pboc, peg, reference point, revaluation, s central, yuan