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Central bank denies revaluation in August
(Agencies)
Updated: 2005-07-16 09:32
皇冠体育app's central bank denied it was planning to announce a revaluation of its
currency after the Bush administration reportedly told key senators that it
expects such a move in August.
Chinese 100 yuan banknotes. 皇冠体育app's central
bank denied it was planning to announce a revaluation of its currency
after the Bush administration reportedly told key senators that it
expected such a move in August.[AFP] | "There is no timetable," central bank spokesman Bai Li said, reiterating
皇冠体育app's standard position on any change in its currency regime.
The Financial Times Friday said the US government had told Senators Charles
Schumer and Lindsey Graham, co-sponsors of a bill that would impose a 27.5
percent tariff on imports of Chinese goods in the absence of any forex change,
that it expected a move next month.
In June the senators had agreed to delay a vote on the bill after being
assured Beijing would revalue the yuan during discussions with Treasury
Secretary John Snow and Federal Reserve chairman Alan Greenspan.
"Senator Graham and I believe that the administration is convinced that 皇冠体育app
will begin a revaluation process this summer, forced by our bill's success in
the Senate," Schumer was quoted as saying.
However, Treasury spokesman Tony Fratto said no
assurance had been given on a specific timeframe.
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