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RMB exchange rate against the US dollar expected to be lower than 8
www.chinanews.cn 2006-06-23 16:36:44
Chinanews, June 23 �C RMB was traded at the central parity rate of 7.9975
to the US dollar in the foreign currency market among banks on June 22.
This has been the fifth time for the rate to be lower than 8 since
exchange rate reform.
An expert of foreign exchange trading said that it might be a good chance
for RMB to start appreciation. "The exchange rate of the yuan against the
US dollar might be lower than 8 in the future, and it reflects clearly
that the formation of the RMB exchange rate has more and more adopted the
market principle," said Yu Yi, a dealer from the Capital Operation Center
of China Industrial Bank.
Some experts said that the market had laid too much emphasis on the
lowered rate of RMB, and "it is harmful to the real changes and reform of
RMB's exchange rate. We don��t have to pay so much attention to the
changes in exchange rate, or what we have done in the reform will be
useless. We should rather look at the way the exchange rate came into
being," said Zuo Xiaolei, the chief economist from Chinastock.
Zuo also said that the market should keep an eye on the effects of the
changes in the formation mechanism of the exchange rate, and if too much
emphasis was laid on the exchange rate, it would not follow the market
principle. The changes of exchange rate are the result of the changes in
the market, and that well explains why there have been more changes in
the exchange rate after the reform.
��Yuan central parity rate set at a new high
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