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China Weighs Modest Currency Change

Contributed by mm | June 12, 2005 6:35 AM PST





Something is certainly in the making, but don't assume China will let Yuan appreciate any time soon ... higher unemployment rate is on the other side of the equation.

From New York Times:

Linking the yuan to a basket of currencies, and not just the dollar, would make it a little more flexible and less susceptible to the swoops and swoons of the dollar in recent years. If the dollar fell against the euro, yen and any other currencies in the basket, the yuan's value would creep up in dollar terms. If the dollar rose, as it has for much of the last month, then the yuan might fall in dollar terms, making Chinese exports even cheaper in the United States than they already are.

The Bush administration and many members of Congress have urged China to let its currency appreciate and are unlikely to be satisfied with a policy shift that effectively leaves it at its current value for the time being.
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