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Flexibility of China's currency expands
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13:23, October 16, 2007

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· The 17th CPC National Congress
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China's currency the RMB has grown more flexible with its central parity rate having gained 10.19 percent accumulatively against U.S. dollar as of Sept. 30, statistics released Tuesday by a delegation from the central financial sector to the ongoing 17th National Congress of the Communist Party of China.

China scrapped its decade-long peg to U.S. dollar in July 2005 and linked it to a basket of currencies. Currently, the yuan is allowed to rise or fall 0.5 percent a day compared with a daily fixing rate against the dollar.

The central parity rate on Tuesday is 7.5136 yuan against one U.S. dollar, up slightly from Monday.

China insisted that the revaluation of the RMB must be gradual so as to secure the country's stability in terms of economic growth.

In a keynote speech to the Party congress on Monday, Hu Jintao said China would improve the RMB exchange rate system and gradually make the yuan convertible under the capital account. But he didn't give a timetable.

The RMB is only convertible for now under the current account for trade in goods and services.

Source:Xinhua



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