Reports in the China Business Post and Shanghai Daily claimed that the value of the yuan was to be raised by 5% in March. The reports were promptly denied by People's Bank of China (PBOC), the country's central bank.
PBOC dismissed the reports as the newspapers' opinions, adding that there was no timetable for yuan revaluation. PBOC said in December 2003 that it planned to keep a stable exchange rate as part of its monetary policy.
The yuan is pegged to the dollar at 8.28 yuan per dollar. The current trading regime allows the yuan's value to fluctuate by 0.3% from the peg.