Nation says RMB not to float by big margin
(Xinhua)
Updated: 2005-07-22 06:56

But the PBoC said the Chinese government always holds an "independent and highly responsible" attitude toward the exchange rate issue.

China adheres to choosing an exchange rate system that caters to its domestic situation by taking into consideration of its fundamental interests and economic and social development, it said.

"It is a fairly good opportunity to conduct the exchange rate reform now," the PBoC said. The yuan will be traded at 8.11 to the US dollar.

The bank said the rate reform will exert "certain" influence on economic growth and employment, but there are more advantages than disadvantages. It added the PBoC will create favorable conditions for domestic enterprises to tide over the rate reform period.