Thursday, June 24, 2010

People's Bank Of China adviser sees yuan rising 3% vs dollar

Nice to have a number.
From The Economic Times (India):
BEIJING: The yuan is likely to rise about 3 per cent against the dollar by the end of this year, assuming the euro holds its ground against the US currency, Li Daokui, a central bank adviser, said on Thursday.

"If the euro stabilises at the current level, there will be modest yuan appreciation against the dollar. It's reasonable to see appreciation of about 3 per cent, or less, by the end of this year," Li, one of three academic members of the People's Bank of China's monetary policy advisory committee, told Reuters.

But Li played down the extent of the yuan's possible rise, which he said would depend in part on the health of the international economy. The fact that China had restored exchange rate flexibility was of greater significance, he said. "I want to stress that the degree of appreciation is not important....MORE