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(business) Measuring the Chinese currency (moved from ATSNN)

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posted on Aug, 10 2005 @ 10:55 AM
Today China has released information on how it calculates their currency - the RenMinBi (RMB), often known as the Yuan or Yen. Recently China agreed to revalue it's currency due to complaints of it being kept artificially low. The basket of currencies include:
US Dollar, the Euro, the Japanese Yen, the South Korean won, the British Pound, the Russian rouble and the Thai baht. However it did not include the Taiwanese dollar.
China has revealed for the first time which international currencies it uses to measure its own yuan currency by.
The US dollar, the euro, the Japanese yen and the South Korean won dominate a basket of currencies introduced last month after China revalued the yuan.

China's currency had been pegged at 8.28 against the dollar for a decade, but the adjustment allowed it to float against a number of currencies.

Please visit the link provided for the complete story.

Everyday people see China move from it's communist economic ways to becoming a capitalist state. Soon people believe, China will be the most capitalistic state even surpassing America. Revaluing their currency which had been pegged for several years clearly shows a move forward in the worlds economy.

Notice how they picked the strong nations with the strong currencies. Maybe to give the Yuan stability?

Some people are suprised it did not include the Taiwanese dollar. Maybe they see a possibility of Taiwan returning to China's ownership. Would that mean the Taiwanese dollar merging with the Chinese Yuan?

[edit on 10/8/2005 by Channy]


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