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RMB appreciated by 0.4% since July

www.chinanews.cn 2005-12-07 15:36:17

Chinanews, Dec. 7 - After several days of fluctuations around 8.0800:1,
RMB-USD exchange rate broke the 8.0800:1 mark and reached a new high of
8.0780:1 Tuesday, up 0.4% since the July 21 currency regime reform. On
that day, RMB-USD exchange rate fluctuated between 8.0800:1 and 8.0780:1,
up 0.03% over the closing rate on Monday.
Prior to this, RMB-USD exchange rate reached a historical record of
8.0796:1 on Nov. 29. On July 21, China took the world by surprise and
adjusted the RMB-USD exchange rate to 8.11:1.
Domestic media quoted a Chinese official Tuesday that the 3% limit of
RMB-USD exchange rate fluctuation per day is reasonable. Future RMB
exchange rate adjustment will be pushed forward by economic factors but
not the government. The report ruled out possibility of a second RMB
currency regime reform.
CITIC futures researcher Wang Yuanhao pointed out that the recent
appreciation of RMB versus USD is actually far slower than that of RMB
against JPY. Since this year, JPY-USD exchange rate fell about 17%.
RMB-JPY exchange rate closed at 7.3105:100 on July 21 and 6.6780:100
yesterday, an increase of 8.65%.
According to Wang, there is almost no suspense regarding the trend of RMB
exchange rate currently. Appreciation is unavoidable, but the speed is
quite low. Yesterday, the quota for one-year-term RMB-USD non-deliverable
forward was 7.7650 yuan, higher than Monday's closing quota of 7.7570
yuan.

          ��25 cities opened RMB business to foreign banks
          ��Stronger RMB level in line with forex rules
          ��RMB made 11-year new high against the dollar
          ��RMB made new high versus the U.S. dollar
          ��Rapid RMB appreciation will lead to disaster

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