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Chinese Online Class - PBOC denies further appreciation of RMB yuan

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PBOC denies further appreciation of RMB yuan 2005-07-26 15:09:27

( Source: Xinhuanet)

BEIJING, July 26 - China's central bank Tuesday denied the possibility of
further yuan appreciation after it allowed the currency to rise 2 percent
in value against the US dollar a couple of days ago.
The 2 percent appreciation refers to an adjustment at the beginning of
reform on the yuan's exchange rate determination mechanism, a spokesman
for the People's Bank of China (PBoC) said.
"It does not mean that there will be further revaluation (of the yuan)
afterwards," the spokesman said in a "solemn statement".
It is an "important principle" for the yuan's reform to be conducted
"step by step", which refers to the gradual process in the reform of the
rate's determination mechanism, instead of its level, he acknowledged.
The spokesman said the 2 percent appreciation level was calculated out
"on a rational equilibrium".
The increase basically caters to the need of materializing the overall
balance in commodity and service trade as it was set in line with the
extent of surpluses and structural adjustment in China's foreign trade,
as well as the bearing capacity of domestic firms, he said.

          ��China will get used to new RMB currency regime (2005-07-25)
          ��China's central bank adjusts RMB exchange rate (2005-07-21)
          ��Yuan move won't alter trade gap (2005-07-24)
          ��'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

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