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ReturnMove raises key questions on central bank’s future policy
Author：
admin
PublishDate：
2005-07-25 14:54:00
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China's new exchange rate regime represents a clear departure from its previous fixed peg to the US dollar.
In future the People's Bank of China will set the value of the renminbi against a basket of currencies rather than the dollar; the value of the renminbi was immediately revalued by 2.1 per cent; and the central bank will adjust the exchange rate peg in future as a “managed float” with changes “when necessary according to market developments as well as the economic and financial situation”.
In future the People's Bank of China will set the value of the renminbi against a basket of currencies rather than the dollar; the value of the renminbi was immediately revalued by 2.1 per cent; and the central bank will adjust the exchange rate peg in future as a “managed float” with changes “when necessary according to market developments as well as the economic and financial situation”.
