China's central bank chief laid the groundwork for an appreciation of the renminbi at the weekend when he described the current dollar peg as temporary, striking a more emollient tone after months of tough opposition in Beijing to a shift in exchange rate policy.
Zhou Xiaochuan, governor of the People's Bank of China, gave the strongest hint yet from a senior official that China will abandon the unofficial dollar peg, in place since mid-2008. He said it was a “special” policy to weather the financial crisis.
“This is a part of our package of policies for dealing with the global financial crisis. Sooner or later, we will exit the policies.”
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