Home | Community | Message Board

Please support our sponsors.

General Interest >> Political Discussion

Welcome to the Shroomery Message Board! You are experiencing a small sample of what the site has to offer. Please login or register to post messages and view our exclusive members-only content. You'll gain access to additional forums, file attachments, board customizations, encrypted private messages, and much more!

Jump to first unread post. Pages: 1
Senior ChildMolestationExpert
Registered: 06/12/03
Posts: 3,104
Loc: florida
Last seen: 8 years, 5 months
Dollar is quaint
    #4432213 - 07/21/05 08:32 AM (12 years, 6 months ago)



BEIJING - China scrapped the yuan?s peg to the U.S. dollar on Thursday and tied it to a basket of currencies, the nation?s central bank said, the first steps in highly anticipated reforms aimed at letting the currency float freely.

The yuan currency has been strengthened, effective immediately, to a rate of 8.11 to the U.S. dollar ? compared to the 8.28 it has been set at for more than a decade. The new trading regime will begin Friday, the government said in an announcement on state television.

China?s decade-long policy of fixing the yuan to the dollar had drawn fire from Washington, which had accused Beijing of keeping the yuan artificially weak to boost the competitiveness of Chinese exports. Some U.S. lawmakers had threatened tariffs if China didn?t adjust its yuan trading scheme.

The yuan will now be allowed to trade in a tight 0.3 percent band against a basket of foreign currencies, the government said. It didn?t say which currencies.

It said the central bank would announce the yuan?s closing price each day, and that rate would be the midpoint of the next day?s trading band.

The announcement was a surprise and came on the government?s main evening newscast.

Chinese leaders have been saying for years that any adjustment to China?s currency policy would be based on domestic economic needs and not foreign pressure. China had resisted changes, saying its fragile banking system wasn?t ready to let its currency float freely.

China?s newly announced shift to a basket currency system will help reduce volatility of the yuan exchange rate, a central bank spokesman said.

Any sharp swing in the yuan?s exchange rate would hit China?s financial system, and therefore would not be in Beijing?s interest, a central bank statement quoted the spokesman as saying.

It is better to be hated for what you are than to be loved for what you are not. -Andre Gide

"Generosity is nothing else than a craze to possess. All which I abandon, all which I give, I enjoy in a higher manner through the fact that I give it away. To give is to enjoy possessively the object which one gives."

Post Extras: Print Post  Remind Me! Notify Moderator
Jump to top. Pages: 1

General Interest >> Political Discussion

Similar ThreadsPosterViewsRepliesLast post
* American currency phi1618 556 5 03/19/05 11:11 PM
by phi1618
* Euros vs Dollars? pattern 1,508 14 02/20/03 01:55 PM
by pattern
* China calls for new global currency
( 1 2 3 all )
Ferris 2,262 46 03/29/09 12:52 AM
by mockingbird
* Iran and Venezuela: Petition Opec to peg oil to currency other then USD$ The_Red_Crayon 686 6 11/20/07 06:24 PM
by EntheogenicPeace
* What happens if Saudi Arabia decouples its currency with the $ vintage_gonzo 745 5 02/11/08 10:05 PM
by iateshaggy
* paper money as currency?Inflation? stock HOW?? fake economy?
( 1 2 all )
kaiowas 2,144 22 08/26/03 10:37 AM
by Anonymous
* The War To Save The U.S. Dollar Lumocolor 706 10 08/12/04 10:04 PM
by Ed1
* Euro VS Dollar
( 1 2 all )
GazzBut 2,662 22 10/08/03 09:51 AM
by infidelGOD

Extra information
You cannot start new topics / You cannot reply to topics
HTML is disabled / BBCode is enabled
Moderator: Enlil
239 topic views. 0 members, 2 guests and 16 web crawlers are browsing this forum.
[ Toggle Favorite | Print Topic | Stats ]
Search this thread:
Lil Shop Of Spores
Please support our sponsors.

Copyright 1997-2018 Mind Media. Some rights reserved.

Generated in 0.028 seconds spending 0.009 seconds on 18 queries.