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Photo News China scraps yuan peg to US dollar China scraps yuan peg to US dollar

Latest News Worldwide reaction  A staff worker with the China Minsheng Bank counts US dollar notes in Nanjing, East China's Jiangsu Province, Friday, July 22, 2005. The People's Bank of China, the central bank, announced to scrap the yuan's decade-old peg to the U.S. dollar, and in stead phase in a flexible mechanism of the yuan exchange rates by taking into account of a basket of major world currencies. The exchange rate of yuan vs U.S. dollar was announced at 8.11 vs 1 on Thursday. (newsphoto) UPDATED 10:26, August 08, 2005 Central bank denies further revaluation of RMB yuan China on Tuesday denied the possibility of further yuan appreciation after it allowed the currency to rise 2 percent in value against the US dollar a couple of days ago. Central bank governor on RMB exchange rate reform China's central bank governor Zhou Xiaochuan elaborated on the guidelines, principles, key parts and impacts of the Renminbi exchange rate reform on July 23 in an interview with CCTV. PBOC on reforming the RMB exchange rate regime China's central bank, recently announced that with approval from the State Council, and beginning from July 21, 2005, China will implement a regulated, managed floating exchange rate system based on market supply and demand and in reference to a package of currencies.   Worldwide reaction   NO.1 - NO.21     Stronger RMB boosts China's steel sector (10:47, August 02) China's new exchange rate policy would have important consequences on global economy: RBI (09:24, July 27) China's exchange rate reforms to impact slightly on region: S&P (09:12, July 26) China's reforms on yuan build broad latitude: Singapore press (14:09, July 25) Philippines welcomes revaluation of Chinese currency (10:02, July 25) Peru applauds revaluation of Chinese yuan (10:02, July 25) Revaluation of yuan receives mixed reactions in Indonesia (09:50, July 25) Revaluation of Yuan benefits India, Indian Commerce Minister (12:35, July 23) EU welcomes China's revaluation of yuan (12:41, July 23) Japan hails China's currency revaluation (13:24, July 23) Yuan revaluation applauded worldwide (14:28, July 22) Thailand welcomes revalue of Chinese currency (14:15, July 22) Brazil's Central Bank welcomes revalutation of Chinese yuan (12:24, July 22) G-7 finance ministers welcome yuan's revaluation  (10:56, July 22) France welcomes China yuan revaluation (14:29, July 22) OECD hails China's monetary reform (14:29, July 22) Canada welcomes China's change of exchange rate (14:29, July 22) Germany welcomes China yuan's revaluation (14:29, July 22) S. African rand range bound despite yuan news (07:53, July 22) US markets react strongly after China revalues currency (07:37, July 22) Japan welcomes yuan's revaluation (14:29, July 22)  << Previous

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