China's Central Bank chief denies imminent float of yuan / renminbi

International
China's Central Bank chief denies imminent float of yuan / renminbi
By Finfacts Team
May 13, 2005, 09:24

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Peoples' Bank of China Governor Zhou Xiaochuan

Xinhua, China's State news agency has reported that Zhou Xiaochuan Governor of China's central bank said in Beijing Friday that overseas media reports on the expected appreciation of the Chinese currency, yuan / renminbi, on May 18th is not "correct."

"Can we take that seriously? Of course not," Zhou said in response to a question raised by Xinhua correspondent at a seminar sponsored by the Chinese Academy of Social Sciences.

"It is foreigners, especially some individual foreigners, who predicted yuan's appreciation on May 18," he said.

Probably due to external pressure, people have again raised the possibility of the yuan's appreciation, Zhou explained.