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China Hints at Yuan's Departure From Dollar Peg
Reuters
Wednesday, Nov 11th, 2009
China said on Wednesday it will consider major
currencies in guiding the yuan, suggesting a departure from
an effective dollar peg that has been in place since the middle
of last year.
The reference to a new set of benchmarks for determining the
value of the yuan holds out the possibility of a departure from
recent practice, which has seen the currency held steady since
mid-2008 around 6.83 per dollar.
"Following the principles of initiative, controllability
and gradualism, with reference to international capital flows
and changes in major currencies, we will improve the yuan exchange
rate formation mechanism," the central bank said in a 46-page
monetary policy report.
It was the first time since the landmark revaluation and launching
of forex reforms in July 2005 that the People's Bank of China
has strayed from the language of keeping the yuan "basically
stable at a reasonable and balanced level" when discussing
future forex reforms in such quarterly reports.
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