Government and Policy

China may reform yuan exchange rate calculation: PBOC

(Xinhua)
Updated: 2010-07-22 21:28
Large Medium Small

BEIJING - China may calculate the yuan's exchange rate against a basket of currencies, instead of only against the greenback, a Chinese central bank official said Thursday.

Related readings:
China may reform yuan exchange rate calculation: PBOC China: No one-off move in exchange rate reform
China may reform yuan exchange rate calculation: PBOC RMB exchange rate regime reform tailored to China
China may reform yuan exchange rate calculation: PBOC China to further reform RMB exchange rate regime

The People's Bank of China (PBOC), or the central bank, may publish the nominal effective exchange rate on a regular basis, Hu Xiaolian, deputy governor of the PBOC, said in a signed article published on the PBOC website.

The move may change the public's habit of focusing on the yuan's exchange rate against the dollar, Hu said.

There should be various currencies in the effective exchange rate basket to reflect the diversity of China's trade and investment activities, Hu added.