Thursday, November 12, 2009

China: We Will Unpeg Yuan From Dollar

China central bank hints at change to yuan policy - MarketWatch:
"HONG KONG (MarketWatch) -- China's central bank has made a rare change in wording on its exchange-rate policy ahead of President Barack Obama's maiden visit next week, admitting upward pressures on the yuan from surging capital inflows and a weakening U.S. dollar.

The People's Bank of China said in its quarterly policy report released Wednesday that it will consider 'changes in international capital flows and the trends of major currencies' in its exchange-rate policy, according to reports.

That's a phrase it hadn't previously used and has attracted wide attention, and was widely seen as a hint it could let the yuan begin to appreciate again."

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