Latest News:  

English>>Business

Yuan nears exchange rate balance with US dollar

(Global Times)

08:14, March 13, 2013

The yuan rate will fluctuate up and down this year but increasingly trade at a level close to equilibrium with the US dollar, a senior lawmaker and former deputy governor of the central bank said Tuesday.

The appreciation and depreciation of the yuan both approached the baseline in 2012, which means the currency is nearing its equilibrium value, Wu Xiaoling, vice chairperson of the Financial and Economic Committee under the National People's Congress (NPC), said at a press conference Tuesday during the ongoing session of the NPC, China's legislature.

Her view echoed that of Yi Gang, deputy governor of the People's Bank of China, who said last week on the sidelines of the annual meeting of the NPC that China will further reform its exchange rate regime to make the yuan exchange rate more balanced, flexible and stable.

But Wu said a timetable for opening up the country's capital account is not yet available.

With controls on the capital account still in position in China, Chinese leaders and central bankers have repeatedly said that China will gradually open up its capital account to allow the yuan to be traded freely.

If the yuan is to be held and traded in international markets, China would have to create rules and institutions to govern these markets before investors would feel comfortable holding the yuan the same way they hold US dollars, euros or British pounds, DBS Bank in Singapore said in a research report Monday.

We recommend:

Japanese brands search for rebound

Inflation rebounds to 10-month high in Feb.

Halt urged to rising luxury goods prices

China well on way to being largest oil importer

Energy trade surplus for US

China seeks economic transformation



Email|Print|Comments(Editor:MaXi、Liang Jun)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Navy's landing ship detachment in training

  2. Warships in 'Peace-13' joint military exercise

  3. Maduro as Venezuelan presidential candidate

  4. China's five-decade efforts of turning green

  5. 2,800 dead pigs found in Shanghai river

  6. Modern life of Chinese elderly

  7. Fan plans simple for this band

  8. Old photos: Shexian county in 1996

  9. Pre-owned house sales soar

  10. Lu named Alibaba's new CEO

Most Popular

Opinions

  1. Bigger does not always mean better for megacities
  2. Railway ministry revamp will not impact ratings
  3. Active yet prudent urbanization needed for China
  4. China's dating TV show inspires copycat in Chicago
  5. Int'l influence of Chinese films improving
  6. Peking Opera education should start early
  7. Fake 3D triggers resentment
  8. Technology transforms art sharing
  9. Books for youngsters' the fastest-growing genre
  10. Life of the never-touch-a-pan generation

What’s happening in China

Year's first rainfall for Beijing

  1. Epidemic ruled out as cause of dead pigs
  2. Driver hit with intense pain manages to stop bus
  3. Kidnapper gives in after 4-hour standoff with police
  4. Man who kept woman in dog's cage on the run
  5. Man threatens to jump from bridge in S China