DJ China Yuan Ends Flat; Mkt Shrugs Off Premier's Comments
12/09/2004
Dow Jones News Services
(Copyright © 2004 Dow Jones & Company, Inc.)
SHANGHAI (Dow Jones)--China's yuan ended flat against the U.S. dollar Thursday, with the market shrugging off Premier Wen Jiabao's comments on exchange rate reform, dealers said.
The dollar closed unchanged at CNY8.2764, and traded narrowly between CNY8.2764 and CNY8.2765 for the fourth session running.
Prebon Yamane was quoting a bid-offer discount of 4350-4200 points on the one-year dollar-yuan non-deliverable forwards late Thursday afternoon, compared with 4250-4150 points Wednesday.
Dealers said trade-related flows continued to dominate the onshore market and few paid much attention to remarks by Wen in Europe reiterating China's long-term view on its foreign exchange policy.
Speaking in The Hague, Wen said China is considering both local and global economic conditions as it assesses yuan exchange-rate reform.
He reiterated China's goal of a more flexible currency regime, but said that getting there will be a "complex and gradual process" with no definite timetable.
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12-09-04 0322ET
