CNY talk

verfasst von kingsolomon, 19.10.2004, 09:14

-->Still more talk on the CNY. The latest being the Beijing Morning Post - quoting China's monetary policy committee Yu Yongding saying, making the CNY more flexible is feasible although it would result in many problems. He added 'the basic stability of the Renminbi does not in fact mean that the exchange rate decisions and the exchange rate formation mechanism are immutable'. Chronology of events include Oct 7th report by Korean Econ daily suggesting a 7% reval of the CNY, Oct 13th report by SAFE - rubbishing the 7% reval story and the Oct 14th- SAFE's FX official favouring a managed float CNY. Bottomline, we think the CNY issue will remain but more concrete comments on the issue itself is likely to begin once the US presidential elections are out of the way. In the meantime, the latest CNY story has provided the market in Asia with some buzz in otherwise a pretty dull session!.
Quelle:4CAST

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• CNY talk - kingsolomon, 19.10.2004, 09:14