Business Daily from THE HINDU group of publications
Saturday, Sep 22, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Sep 22, 2007 ePaper |
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Money & Banking
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Forex ‘No timetable for full yuan convertibility’ 
Dr Zhou Xiaochuan K.R. Srivats Hong Kong, Sept. 21 China has no timetable for full convertibility of the yuan, but is moving in that direction, according to the People’s Bank of China Governor, Dr Zhou Xiaochuan. “We don’t have any timetable for the target,” Dr Zhou said at the ‘Asian Financial Forum’ today in reply to a question on full convertibility of the Chinese currency. The forum was jointly organised by the Government of Hong King Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council. He also said that China would take a “step-by-step” approach to reforms process in the financial sector. Dr Zhou added that China was committed to economic reforms, including financial sector reforms. China can’t focus too much on asset prices and there are other indicators to consider when making policy decisions, he said. China has resisted calls from the US and Europe to let the yuan strengthen at a faster pace. Currently, China limits the daily movement of its currency to 0.5 per cent above or below the previous day’s closing value. It has been contended by some critics that such a policy leads to under-valuation of the yuan against the US dollar, thereby boosting its trade surplus. More Stories on : Forex | Economy
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