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Mix-Ansicht- China Favors Shift to Currency Basket - CRASH_GURU, 22.04.2004, 23:11
- Hier in deutsch: - Helmut, 22.04.2004, 23:35
China Favors Shift to Currency Basket
-->China Favors Shift to Currency Basket
By REUTERS
Published: April 22, 2004
Filed at 4:56 a.m. ET
BEIJING (Reuters) - China wants to move toward a floating currency system that would link the yuan to a basket of currencies rather than just the dollar, the foreign exchange chief said in remarks published on Thursday.
No timetable was given, but the comments were the clearest indication yet of how China might reform its long-standing fixed currency policy, analysts said.
Beijing's bottom line was that the yuan's value must initially be kept stable if it moved to let market forces play a bigger role in setting the exchange rate, they said.
``We don't think that a fixed system is good. We think that a floating system is good,'' Guo Shuqing, head of the State Administration of Foreign Exchange, was quoted as saying by the Financial Times.
``This is an integrated, systemic approach. We have done a lot of research (on using a basket of currencies). In the past we had such a system. The floating system will also have some reference to a basket (of currencies).''
Asked about Guo's comments, a spokeswoman for the regulator said China was still exploring various ways to improve how the yuan's exchange rate was determined.
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