China hints at willingness to let yuan float

11/12/2009 | Times (London) (subscription required), The · MarketWatch

A change in language in the People's Bank of China's third-quarter report on monetary policy suggests the central bank considered allowing the yuan to float freely. The report, released ahead of President Barack Obama's visit to Beijing, does not employ the usual language about the yuan's peg to the dollar. Ding Zhijie, a professor at the University of International Business and Economics in Beijing, said this means the yuan will get stronger. "The exchange-rate policy in the last year can be viewed as an extraordinary policy for an extraordinary time," he said. "Now, it is time to bring closure to it."

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Times (London) (subscription required), The · MarketWatch

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