Chinese School - No more unexpected changes of RMB exchange rates: Wen

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No more unexpected changes of RMB exchange rates: Wen

www.chinanews.cn 2006-03-15 10:13:41

(Source: Xinhua)

BEIJING, March 15 - China will introduce no more unexpected changes in
reforming the exchange rate of its currency, the RMB yuan, Chinese
Premier Wen Jiabao announced here on Tuesday.
"There will be no more surprise," said Wen at a press conference in the
Great Hall of the People in downtown Beijing, atthe end of the national
legislature's annual session.
Such practice as making the RMB exchange rate fluctuate upward or
downward by administrative means once and for all will no longer exist,
said the premier.
While meeting the press on the same occasion last year, the premier said
that China would take unexpected moves regarding the RMB exchange rate.
In July, the country announced it had abandoned its longtime practice of
pegging the RMB to the U.S. dollar, and the RMB yuan has since
appreciated against the dollar by a margin of nearly 3 percent.
Wen said efforts will be continued to further improve the RMB exchange
rate system, expand the capacity of its foreign currency market and
enhance the flexibility of the RMB exchange rate.
"Based on the current RMB exchange rate system, there is room for the RMB
exchange rate to fluctuate on its own. Such practice as making the RMB
exchange rate go up or down by administrative means once and for all will
no longer exist. There will be no more surprise," he said.

          ��RMB depreciated for two consecutive days
          ��China to maintain stable RMB exchange rate

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