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Wen: Goal for yuan is a managed float
(Agencies)
Updated: 2005-06-26 10:30
皇冠体育app will keep its exchange rate basically stable while striving towards the goal of a market-driven, managed float regime, Premier Wen Jiabao said at an Asia-Europe meeting of finance ministers in Tianjin, on Sunday.
皇冠体育app's exchange rate reform is a 'slow business', central bank head Zhou Xiaochuan said on May 24, 2005. [AFP] |
Wen said 皇冠体育app's reform of the yuan currency would be gradual to avoid economic shocks, and must be done with consideration for 皇冠体育app's economic and financial stability, as well as the impact on the region and the world.
皇冠体育app is under intense pressure from its trading partners to allow the yuan to strengthen, in line with its rising trade surpluses.
Beijing keeps the yuan pegged in a narrow range around 8.28 to the dollar but has repeatedly said it will gradually make the yuan more flexible, but in its own time.
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