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Tuesday May 03, 10:27
Would yuan change its spots soon?
(by Roy Deng)

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Would yuan change its spots soon? The yuan, Chinese currency, may see tough times amid the speculations about the possible unpegging of renminbi that impacts the US economy.

China seems to be measured about the issue profiting from the yuan that was pegged to the dollar in 1994 at 8.28 yuan to the dollar rate.

But the currency depreciation was strictly opposed by the US that faces $171 billion trade deficit with China. Chinese officials are silent about the possible turn to the floating rate.

Some analysts suggest that China could widen the floating to 3% or 5% or 10% from 0.3%. "I don’t rule that out at all," says Binky Chadha, global head of foreign-exchange research at Deutsche Bank. "The probability of something happening in the near-term is higher than it has ever been."

The People’s Bank of China Governor Zhou Xiaochuan said China cannot resist the international opposition and will gradually unpeg the renminbi.
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