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Hu Tells Figaro China to Continue Yuan Reforms, Xinhua Reports

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littlekracker



Hu Tells Figaro China to Continue Yuan Reforms, Xinhua Reports
November 03, 2010, 7:44 AM EDT

By Bloomberg News

Nov. 3 (Bloomberg) -- Chinese President Hu Jintao said in a written interview with France’s Le Figaro newspaper and Portugal’s Lusa News Agency that the nation will continue exchange rate reforms of the yuan, the official Xinhua News Agency reported today.

Reforms will be controlled and gradual, Xinhua cited Hu as saying. China will allow greater flexibility of the yuan and allow market forces to play a greater role in the currency’s exchange rate, Hu was cited as saying. Hu conducted the interview ahead of a visit to France and Portugal from Nov. 4-7.

Twelve-month non-deliverable yuan forwards climbed 0.22 percent to 6.43 per dollar as of 5:30 p.m. in Hong Kong today, reflecting bets the currency will strengthen 3.7 percent from the spot rate of 6.6761, according to data compiled by Bloomberg.

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