BIS researchers find signs of broader managed float of yuan
Friday, 8 October 2010
GENEVA, Oct 7 (AFP): Bank for International Settlements researchers say they have found evidence that Chinese authorities have prepared for a "managed float" of the yuan instead of leaving it pegged to the US dollar.
In a BIS research paper, two of its economists challenged the notion that the Chinese currency has simply been managed against its US counterpart since 2005.
They found signs that the renminbi was allowed to appreciate gradually within a narrow band against an unspecified trade- weighted basket of currencies in a two year period up to mid- 2008.
In a BIS research paper, two of its economists challenged the notion that the Chinese currency has simply been managed against its US counterpart since 2005.
They found signs that the renminbi was allowed to appreciate gradually within a narrow band against an unspecified trade- weighted basket of currencies in a two year period up to mid- 2008.