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Former PBoC advisor expects significant RMB appreciation

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Former PBoC advisor expects significant RMB appreciation
August 11, 2010
A former advisor to the People's Bank of China said that appreciation of the renminbi would remain gradual, but could be significant over time, Reuters reported. Speaking in Hong Kong, Fan Gang, now the head of the National Research Institute, pointed to the currency's appreciation between 2005 and 2008 of more than 22% as a sign that a gradual approach did not rule out a large move. "It could be big in the medium term and it will be meaningful for the rebalancing of the global economy," Fan said. He forecast that the US dollar would depreciate in the long run against most currencies. Since the central bank removed the renminbi's de facto peg in June, the Chinese currency has appreciated about 0.8% against the US dollar.

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