BEIJING, July 23 (UPI) — China’s central bank may eventually publish the exchange rate for the yuan against a “basket” of international currencies, an official said.
Hu Xiaolain, deputy governor of the People’s Bank of China, said the bank wants to show how the yuan stacks up against world currencies to end the historical focus on the benchmark U.S. dollar.
“Referring to a basket of currencies instead of a single currency will not only enable the exchange rate fluctuations to better adjust the import and export, current accounts and the balance of payments, but also reveal the fluctuating characteristics of the exchange rate,” Hu said in comments posted on the People’s Bank of China Web site.
She said while the exchange rate of China’s yuan floats up and down “it generally remains stable on a rational, balanced base.”
Separately, the vice director of the China Association for Labor Studies, Su Hainan, said China may reform its income distribution and social security system in the second half of this year to improve the wages of workers.
The Global Times said Su denied a report that a government plan would double workers’ wages in five years.
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