Yuan Revalued: RMB going up up up!
Previously valued at 8.28:1, open trading recently on the yuan currently values it at 8.11:1, a gain of roughly two percent. Over time, the increasing cost of travel to China will probably hurt tourism, do who-knows-what for the economy:
The State Administration of Foreign Exchange published detailed rules on the trading limits for the yuan, saying that it would be allowed to rise or fall by 1.5 percent per day against foreign currencies other than the dollar.
Led by the United States, government leaders and central bankers from a raft of China’s trading partners welcomed the move, which came after two years of pressure from foreign governments and global markets.
“They’ve put in place a mechanism that provides room for significant movement over time in the currency, and they’ve expressed a commitment to using market forces to let the currency move,” U.S. Treasury Secretary John Snow said.
| This entry was posted on Saturday, July 23rd, 2005 at 5:48 pm and is tagged with state administration of foreign exchange, u s treasury, foreign currencies, s trading, treasury secretary, msnbc, john snow, global markets, government leaders, yuan, trading partners, raft, united states government, currency, governments, economy, china, tourism. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback. |
One Response to “Yuan Revalued: RMB going up up up!”
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Who knows whats going in China they are not monitored by anyone.