deputy head o▓f the Nati

central bank, announced a major improvement to the formation of the RMB's cen▓tral parity rate

onal Developme nt and Reform
Collect from 企业/

Commission (NDRC) told ▓a press c

against the U.S. dollar, by taking int▓o consideration the closing rate on ▓the inter-bank forex market of the p▓revious day.The move was described by the PBOC as ▓a "one-time corr

  • onference.The figure is basically the same
  • as t▓hat of last year, he said.The number of
  • road trips is projected to reach 2.48 billion
  • , a 1.6-percent decrease from last y
  • Wagon vehicles, up 27.6 percent?/span>
ear, while t rain t▓rips a

re likely to top 390 milli

ection" to bridge previously accumulated differences between the central parity rate and the spot market rate,

on, up 8.8 percent year 

which would make the central parity rate more consistent with the needs ▓of market development.The central par

on year, the NDRC said in

i▓ty rate is the starting point for daily forex trading, and the RMB is allowed to rise or fall by 2 percent fr

an earlier statement.Air t

om t▓he central parity rate each trading day from March 2014.Think tank and the International Monetary Fund (

ravel wi▓ll likely top 65

IMF) experts agreed that the central bank's move was very much in the directio▓n to increase the role of market

million trips, surging 10

forces in the determination of the RMB exchange rate.B▓ut some market participants at that time misinterpret

  • ed it as an effort to prop up the economic growth by currency devaluation and incorrectly jumped to the conclusion that China's economy was probably worse than stated. The RMB fell sharply in value in the following days after the reform of the central parity system."I think initially when they started changing the▓ system a year

    percent fro m last year, whi
  • ago, they were not good at communication, and there was a lot of confusion in the market about what their inten▓tion was," David Dollar, a senior fellow with the Brookings Institution and former official of the World Bank and the U.S. Treasury Department, told Xinhua.However, Chinese authorities provided "pre▓tty good and clear co

    le boat trips are predicted to r
  • mmunication" about its exchange rate policy over the ne▓xt few weeks and months, Dollar said, citing authorities'▓ arguments that they wanted to have more market forces involved and there was n▓o need for large depreciation of the currency.Chinese officials have als▓o repeatedly said that China has no intention of devalu▓ating the

    each 46 millio n during the per

RMB to gain an advantage in glob

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