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ceo/cfo
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
China Widens Yuan Band
Move, Coming Ahead of G7 Meeting,
Doesn't Include Trading With Dollar
DOW JONES NEWSWIRES
September 23, 2005 4:35 p.m.
China's central bank Friday took a further step toward a flexible foreign-exchange trading system, widening the daily band in which the yuan can trade against currencies other than the U.S. dollar.
In late-afternoon trading in New York, the dollar rallied, recovering from a sharp swoon against the yen that followed China's overnight announcement. The euro was trading at $1.2042 from $1.2154 late Thursday.
The dollar rose to 112.45 yen from 111.70 yen, and was at 1.2920 Swiss francs from 1.2789 francs. The pound was at $1.7758 from $1.7916.
The People's Bank of China said in a statement that, effective immediately, the yen, Hong Kong dollar, and euro exchange rates to the yuan would be able to move by as much as 3% above and below the previous day's closing level, widening the band from 1.5%. But the central bank held firm its grip on the yuan's exchange rate to the dollar, keeping the daily trading band steady at 0.3% on either side of the previous closing rate.
The move is mostly symbolic, analysts said, because China's central bank has kept the yuan from bumping up against trading bands against the dollar and other currencies since it was revalued in July. Right now, the thought is that the decision was an attempt by China to deflect criticism expected at a meeting of Group of Seven finance ministers in Washington and International Monetary Fund meetings over the weekend that the country isn't making its foreign-exchange regime flexible enough.
"It does further reduce the risk of China being cited as a currency manipulator by the U.S. Treasury in its next report, and it will no doubt be welcomed at the G7 meeting," said Robert Lynch, currency strategist at HSBC in New York.
Market watchers said the move, in theory, will allow the yuan to appreciate versus those currencies that have been unduly boosted in recent years as they adjusted to compensate for the huge trade imbalances between the U.S. and China. "It does at least allow for the potential the yuan will appreciate more against non-dollar currencies that have born the brunt of adjustment over the past few years against the dollar-yuan block," said T.J. Marta, currency strategist at RBC Capital in New York in an email.
Still, the wider yuan trading bands signal China's intent to continue pushing reform of its foreign-exchange system, and "a signal to local companies that they need to be better prepared to hedge their forex risk," said Arthur Li, head of Treasury & Forex for Mizuho Corporate Bank's Shanghai branch.
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 It came sooner than I thought. Last night the bank in China: -- ceo/cfo - (2691 Byte) 2005-9-24 周六, 05:18 (1207 reads)
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