China's yuan remains stable against USD on Monday

19:06, June 21, 2010      

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The central parity of the Renminbi against the U.S. dollar stayed at 6.8275 on Monday, unchanged from the previous trading day, according to the China Foreign Exchange Trading System.

China's central bank announced at the weekend that it would make the exchange rate regime more flexible, but ruled out the possibility of any one-off adjustment.

China would keep the yuan "basically stable at a reasonable and balanced level," and manage and adjust the RMB exchange rate based upon the floating bands previously announced in the interbank foreign exchange market, the People's Bank of China said.

Lian Ping, chief economist with the Shanghai-based Bank of Communications, said market forces were expected to play a bigger role in deciding the exchange rate and the yuan's value was likely to either rise or fall more frequently in the future.

Professor Chen Bingcai, of the National School of Administration, said the daily floating band of 0.5 percent remained unchanged, which made any drastic rise or fall impossible.

China moved to a managed floating exchange rate regime, which was based on market supply and demand and referencing a basket of currencies, in 2005.

In 2008, the government narrowed fluctuations of the yuan's exchange rate to keep the currency relatively stable in a bid to counter the fallout of the global economic downturn. The central bank said the move contributed to the country's economic stability and recovery.

Source: Xinhua


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