RMB value gap basically covered, currency still strong: PBOC
Source: Time:
The value of the yuan has gradually returned to market levels after declines during previous days, and the yuan will remain strong in the long run with no basis for persistent and substantial depreciation, said Zhang Xiaohui, assistant governor of the PBOC.
Zhang said that previously there was a 3-percent gap in the yuan's value between the rate and market expectations.
The central parity rate of the yuan weakened by 704 basis points, or 1.1 percent, to 6.401 against the U.S. dollar on Thursday, narrowing from Wednesday's 1.6 percent and almost 1.9 percent on Tuesday.
On Tuesday, the People's Bank of China reformed the exchange rate formation mechanism to better reflect market development in the exchange rate of the yuan against the U.S. dollar.
[Relative Articles]
- Bankers at Dianchi forum note nuances settling trade in RMB2010-07-29
- RMB internationalization a delicate issue2010-08-20
- Inauguration of Trail Operation of Yunnan Cross-border RMB Settlement Center in 27th July2010-07-29
- RMB daily trading band may widen to 3 pct: economists2015-07-28
- PBOC injects 370 bln yuan liquidity into banks via MLF in Q12015-04-13
- RMB clearing bank launched in Canada2015-03-24
- RMB enters top five of world payments currencies2015-02-04
- RMB enters top five of world payments currencies2015-01-29
- RMB exchange rate to be stable in 2015: CICC2014-12-30
- RMB to become world's 3rd largest in middle term: Chinese institute2014-10-16
- RMB internationalization boosts trade, investment: vice FM minister2014-10-09
- PBOC official sees bright side of shadow banks2014-09-28
- RMB to be third largest international currency by 2020: report2014-07-22
- PBOC governor: China to free up interest rates within two years2014-07-11
- RMB in full vogue in South Korea2014-07-02
- PBOC wants quicker loans for home buyers2014-05-14
- RMB depreciation not long-term: expert2014-05-08
- RMB to be global reserve currency by 2030: Economist2014-04-10
- RMB goes further on market-oriented course in 20142014-01-17
- RMB clearing services to debut in UK2013-12-03
- RMB joins list of most-traded currencies: BIS2013-09-09
- RMB status moving closer to USD and Euro2013-07-15
- RMB appreciation stimulates outbound travel2013-06-19
- PBOC resumes bill issuance to drain liquidity2013-05-13
- RMB appreciation room limited despite recent strengthening: experts2012-10-25
- RMB 800 million to build agricultural products trade center in Kunming2012-10-16
- RMB deposits in Singapore at around 60 bln yuan: C. Bank2012-06-14
- RMB Settlement Service gains endorsement in Malaysia2012-04-26
- RMB globalization "unstoppable," but with speculative risks: China Ex-Im Bank president2012-03-13
- RMB becomes new international currency: HK financial secretary2012-01-17
- RMB's appreciation to remain gradual2011-09-13
- RMB3 bln to be invested for Zhaotong’s industry development2011-03-07
- Survey: RMB popular for overseas settlement2011-01-25
- PBOC to improve exchange rate mechanism2011-01-07
- RMB 2 bln put to build Pan-Asia auto parts trade city in Yunnan2010-12-07
- RMB 107.39 bln from other provinces used in Yunnan in 1st three quarters of 20102010-11-03
- RMB500 million Dalian fund for SMEs2010-06-25