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China reveal renminbi basket of currencies

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by Brian Turner
China reveal renminbi basket of currencies

For the first time since China revalued its currency in July, it has announced which currencies are in the basket it uses to determine the value of the renminbi.

The biggest surprise is that the Taiwan dollar is not one of those currencies.

The major world currencies used to value the renminbi include the US dollar, the euro, the Japanese yen, and the South Korean won.

Those were chosen, according to the governor of the People’s Bank of China, because they are currently China’s dominant trading partners.

The other currencies included in the basket are the UK pound, the Thai baht, and the Russian rouble.

China’s currency had been valued at 8.28 to the dollar for the past ten years, but on July 21 China revalued to 8.11 to the dollar, about 2.1 percent stronger than it had been. Since then restrictions on its movement has kept it close to that value.

The renminbi closed at 8.1062 to the dollar on Wednesday.

In a separate announcement, the People’s Bank of China said that it would begin allowing non-banking firms to trade on its onshore foreign exchange market.

The bank also said that it was going to begin offering foreign exchange forwards on China’s domestic interbank market.

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News posted: August 10, 2005

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