BEIJING
www.bootsdealers.com, Dec. 25 (Xinhuanet) -- Yuan has been a top dancer drawing eyeballs from fund clubs to kabob stand tables. Rumors are cooking and speculations mushrooming while a central bank official said the key to the Chinese currency lies on reform. "Flexibility and fluctuation are the 'key words,' instead of revaluation," the official, perferring to remain anonymity, told Xinhua Friday. China on July 21 reset the yuan's value at 8.11 to the dollar, a 2.1 percent appreciation from the pegged level where it had been held since 1995, and started managing its value against a basket of currencies including the euro and yen. The yuan has since fluctuated some 400 base points, closing at 8.0775 to the dollar Thursday, up 325 base points from July 21. "400 is a lot," he said
ugg botas, "and the next is to improve the market mechanism." A recent central bank meeting on monetary policies reiterated that efforts should be made to let market supply and demand play a "fundamental" role in the determination of yuan's value, and speedup the development of domestic foreign exchange market. A new mechanism should be built to allow market forces to set the currency's value, said a report issued after the meeting. The central bank official interviewed by Xinhua said
cheap ugg boots sale, "The point is that traders are expected to learn and take the foreign exchange fluctuation risks, financial institutions to provide morerisk-control products especially derivative services, and the State Administration of Foreign Exchange (SAFE) to follow suit." The People's Banks of China (PBoC)
ugg boots sale, or the central bank, has stated it would widen the yuan floating band "at a proper time," and now China is letting the currency rise or fall by 0.3 percent a day against the U.S. dollar and a maximum of 3 percent against the euro and the yen. Industry insiders speculate that the central bank may widen the yuan's fluctuation range against the U.S. dollar, for example
ugg outlet, to 3 percent
aanbieding ugg, the Shanghai Securities News reported. "The timetable (of yuan reform) depends on the firms' endurability
Ugg boots, the market's maturity and the regulator's ability," the central bank official said, however. "Therefore, China will take a 'walk-and-see' position instead of making any great leap forward." He warned that the yuan, although witnessing ups twice as much as downs in trading days over the past five months, could go in another way -- to depreciate. "The more foreign currencies come in, the more pressure on depreciation will be seen
www.laarzenwinkelsonline.com," he explained. China's trade surplus swelled more than sevenfold to 80.4 billion U.S. dollars in the first 10 months of this year, rocketing from 11.1 billion dollars a year earlier. Some developed countries, typically the United States, have been arguing that the yuan is too low in value, giving Chinese exporters an "unfair" advantage in trading activities and hurting job markets in other countries. Although a report released by the U.S. commerce department in November admitted currency manipulation does not exist in China, some parliament members are still pressing China in this area. "China began to consider the yuan reform as early as in 2001. Actually, it was the international speculation and pressure that delayed the process
goedkoop ugg," the central bank said. "Our foreign exchange reform is market-oriented and China will do it in an independent, controllable and progressive way without bowing to pressure from outside." EnditemTopics related articles：
