China to expand trade on Forex
According to the extension of the Central Bank's forex system will not bring the renminbi (RMB), or Yuan. There are trading currencies with seven here against the dollar in the United States from Wednesday: Euro Australian dollar and British pound. Canadian dollars, Yen and Swiss franc, Hong Kong dollar will fit a set of 8 euro to Japanese yen.
Currently the Yuan trading combines in four currencies: US dollar, Hong Kong, Japanese yen and the euro.
Expand the system previously been intense speculation about whether China will thank you for the same date, between Yuan, Zhou Xiaochuan, Governor of the Central Bank on Friday, a report by the foreign media that mention nathi denied. Chinese Prime Minister Wen Jiabao on Monday stressed that China will never yield to external pressure for change in China's forex system.
China Forex System extension will improve the market between the Bank of China said that the reference to the Central Bank.
Li Yang, Director of the Institute of Social Sciences Institute of language chinklao that the Forex market effectively with terms in advance of the reform of RMB exchange rate.
The Yuan is currently pegged to the dollar for about RMB 8.27 billion. China is to maintain and manage a floating exchange rate based on supply and demand of foreign exchange rates in the market since 1994, Yuan 38% against the dollar has increased in the years 1994 and 1997, when the Asian financial crisis in 1997, China has insisted no devaluation and still constant rate.
With the devaluation of the market in recent years. RMB rate against other major currencies on request some strangers is a measure of Government chinkratun increase in the export market.
But China does not reduce the fire accidental attention to comply with them. The head of the original currency of the country, Guo Shuqing said lately.
In addition, Chinese leaders have said many times that there is no timetable for reforming the exchange rate is a complex task and should be done step by step.
Kui "when we change the exchange rate regime, We must keep in mind the macroeconomic climate, mind. The stability of the financial system of the country. Performance of financial markets and the impact of the reform of the economy in regional and international affairs. He said.