China said to deny official report implying yuan shift: "TOKYO (MarketWatch) -- No sooner did the English online edition of China's official People's Daily say Wednesday that a shift in policy on yuan revaluation was near than central bank officials reportedly denied the content of the report, leaving investors no wiser about the timing of China's widely expected currency reform.
The report, which was apparently removed from the newspaper's Web site, said that the country would loosen its renminbi yuan's fixed-exchange rate next week.
The yuan, which is now effectively pegged at about 8.28 to the dollar, will be allowed to rise or fall from 1.26% to 6.03% in a span of one month and one year after a meeting between U.S. and Chinese officials, the report had said.
But People's Bank of China spokesmen denied China's central bank has any plans to adjust the currency next week, according to several media reports.
A report Wednesday morning in Japan's main business newspaper implied China is ready to act on currency reform anytime but is taking its time.
People's Bank of China Deputy Governor Wu Xiaoling said the central bank is now "technically" prepared to carry out currency reforms. But in an interview with the Nihon Keizai Shimbun, she criticized the U.S. for pressuring China to implement currency reforms and for calling for the expansion of the currency band."
Thursday, May 12, 2005
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