RMB appreciation megatrend: banker
(Xinhua)
Updated: 2005-10-27 10:18

Renminbi's further appreciation is megatrend in the future, but uncertainties will still exist on the way, a senior Chinese banker said Wednesday.

Wu Xiaoling, vice governor of the People's Bank of China, China's central bank made the comment when attending the signing ceremony of three conventions on banking industry self-discipline.

Yuan appreciation will follow a zigzag course as the market and enterprises can only adapt to the change gradually, Wu was quoted by China Securities Journal as saying.

The central bank has no plan to raise the float range of Renminbi exchange rate against US dollars this year, according to the vice governor.

Whether to expand the float range depends on the market endurance capacity, Wu said.

Recently the central bank announced in a circular to raise the float range of Renminbi exchange rate against non-US dollars from previous 1.5 percent to 3 percent.

The float range of yuan's exchange rate against US dollar, which stands at 0.3 percent, remains unchanged.