Chinese language - RMB exchange rate reform to be launched

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RMB exchange rate reform to be launched

www.chinanews.cn 2005-03-21 15:22:09

It is expected that RMB exchange rate reform will be officially launched
at the end of May. The RMB exchange rate would no longer be pegged to USD
but to a currency package consisting of 8 foreign currencies. When the
market maker system under the mechanism of qualification certification is
adopted for foreign currency transactions, the People's Bank of China
would gradually retreat from daily foreign currency transactions. The RMB
exchange rate may fluctuate from the present plus or minus 0.3% to plus
or minus 0.6% or 1%.

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