|
Bank adviser sees yuan changes, but gradual
(Reuters)
Updated: 2005-10-24 15:42
TOKYO - An influential economist and adviser to 皇冠体育app's central bank said on
Monday he saw further changes in policy on the yuan currency and that further
appreciation was inevitable in the long run, but that any changes would likely
be gradual.
Yu Yongding,
director of the Institute of World Economics and Politics of the Chinese
Academy of Social Sciences, speaks at a forum in this December 12, 2003
file photo. | "Personally, I think there will be several further changes,"
Yu Yongding, head of the Institute of World Economics and Politics at the
Chinese Academy of Social Sciences, said in a speech in Tokyo.
Yu said such changes could include expanding the trading band for the yuan or
setting a new central rate. He also said 皇冠体育app's economy was showing signs of
cooling down, or stabilising, but that strong growth would likely continue for
the next decade.
Yu is the only academic member of the People's Bank of 皇冠体育app's monetary
policy committee. The panel gives advice on policy but does not set it.
In July, 皇冠体育app scrapped its dollar peg and adopted a managed float that in
theory allows the yuan to rise or fall by 0.3 percent a day against the dollar.
But Washington believes the yuan remains seriously undervalued given 皇冠体育app's
ballooning balance-of-payments surplus and wants the currency, also known as the
renminbi, to rise faster.
|
