China gives more detail on currency basket for yuan

The U.S. dollar, the yen, the euro, and the South Korean won are the dominant currencies in the basket, the FT reported, citing news agencies. Those reports quoted central bank Governer Zhou Xiaochuan speaking in Shanghai. The basket also reportedly includes the Singapore dollar, U.K.'s sterling, the Malaysian ringgit, the Russian rouble, the Australian dollar, the Thai baht and the Canadian dollar. Companies whose annual trade volume exceed $247 million will be allowed to buy foreign currencies in the spot market, the FT reported. Some insurance companies, securities firms and fund-management companies will also be allowed to, depending on their level of registered capital.

posted by SARTRE @ 8/10/2005 07:45:00 AM