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Bank denies yuan revaluation next week
(Agencies)
Updated: 2005-04-30 11:16

China does not plan to revalue its currency during next week's Labor Day holiday, a central bank spokesman said Friday, quashing rumors that such a change was imminent.

"As far as we know, there's no adjustment expected in the yuan exchange rate," Bai Li, spokesman for the People's Bank of China, told Dow Jones Newswires.

A brief wave of speculation over a possible shift in currency policy roiled regional stock and currency markets Friday. Such rumors have been circulating in the past week, despite official denials that major changes were pending.

Authorities sometimes choose to announce policy changes during public holidays, and China's financial markets will be closed next week for the national holiday.

China limits trading in the yuan and has kept its value in a narrow range near 8.28 yuan per dollar since 1994. The United States and other nations claim the yuan is undervalued, giving China's exporters an unfair price advantage.

Beijing says it will eventually let the yuan trade freely on world markets, but that doing so immediately would damage the country's frail banks and financial industries.

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