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Renminbi policy shift politically motivated, no significant appreciation

  • Published 21 Jun 2010

China will introduce a more flexible exchange rate policy following a currency basket mechanism, but will not allow a 'large-scale' appreciation of the renminbi, it said in an statement at the weekend.

The move, which was predicted by China Confidential (CC June 17 Big Call, CC March 25, Financial China), is thought to be politically motivated to ease pressure on exchange rate discussions at the upcoming G20 Summit, China's preferred forum of global governance.

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