A government think tank said in a report that the renminbi is likely to increase in relative value against major currencies including the US dollar, the euro and the yen in 2011 as economic growth in the developed nations remains slow, Dow Jones reported, citing state media. The State Information Center did not specify by how much it anticipates the currency might rise. The think tank urged the central government to widen the currency basket against which the renminbi trades next year. At present, the central bank restricts the renminbi-dollar exchange rate to fluctuate by no more than 0.5% on any given trading day. Other currency pairs are allowed to move within a range of 3-5%.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved