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The head of China’s central bank has given the strongest signal yet that the
country will move away from pegging its currency to the dollar, but he said
any changes would be gradual.
At the annual session of the legislative National People’s Congress in
Beijing, Zhou Xiaochuan, governor of the People’s Bank of China, said that
the days of the “special yuan” policy were numbered. He described the dollar
peg as a “temporary” response to the global financial crisis, but gave no
timescale for any change in policy. The currency has been pegged at about
6.83 yuan per dollar since July 2008.
Mr Obama told Bloomberg last
month. “My goal over the course of the next year is for China to recognize
that it is also in their interest to allow their currency to appreciate
because, frankly, they have got a potentially overheating economy.”
When China eventually abandons the peg, the country will have to manage its
exit strategy carefully