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China rules out option of one-off yuan rise

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1 China rules out option of one-off yuan rise on Mon Apr 12, 2010 8:56 am


April 12, 2010, 2.01 pm (Singapore time)

China rules out option of one-off yuan rise

BEIJING - China is unlikely to consider an one-off revaluation but may widen the yuan's trading band, a monetary official said in remarks published on Monday.

'According to our research, the option of a one-off appreciation is not applicable, but we may widen the daily trading band of the yuan, say, moving up to 1 per cent from 0.5 per cent currently,' the China Business News quoted an unnamed official as saying.

Zhang Jianhua, director of the research department of the People's Bank of China, told the Shanghai paper separately that Beijing should focus on managing inflation expectations.

Without further steps, inflation could well become a problem, he said. Beijing has set an inflation target of 3 per cent this year, but Mr Zhang said 3.5 per cent was the pain threshold. Consumer prices in February rose 2.7 per cent from a year earlier.

He said gross domestic product growth in the first quarter could have been as high as 12 per cent due to a low base of comparison in 2009. The figures are due to be issued on Thursday. -- REUTERS

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