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Yuan move won't alter trade gap

www.chinanews.cn 2005-07-24 14:26:17

(Agencies)

(Photo: AP)

July 24 - China's central bank chief says Beijing's decision to cut its
currency's link to the dollar will do little to narrow the huge United
States trade deficit with China.
Zhou Xiaochuan made this remark at a conference of bankers in Beijing,
his first public comment since the People's Bank of China decided
Thursday to push the yuan up by 2.1 percent against the dollar and adopt
a more flexible exchange rate system.
Zhou Xiaochuan reiterated the change is conducive to China's reform,
sustainable development and stability and it is not a result of
discussion and consultation with others.
Earlier, a major U.S. trade group, the National Association of
Manufacturers, said the change had the potential "for beginning to
correct the huge trade imbalances that have been created by distorted
currencies."
The People's Bank of China said Thursday that Beijing would switch to a
system in which the yuan, instead of being fixed in value against the
dollar, will be allowed to fluctuate in a limited daily trading range
against a basket of unspecified foreign currencies.
The new system restricts the currency's daily movement, but economists
say that over the next two years, the yuan could strengthen by 10 percent
to 15 percent against the dollar.

          ��'Impact of stronger yuan will be small' (2005-07-23)
          ��Market rises on first day after yuan reform (2005-07-23)
          ��Yuan's floating range limited to 0.3% (2005-07-22)
          ��US markets react strongly following yuan's revaluation
(2005-07-22)
          ��China's central bank adjusts RMB exchange rate (2005-07-21)

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