A leading Chinese economist suggested Beijing improve forex policy by setting a "central exchange rate" in a given time span, during which the monetary authorities could initiate a few "one-off"rate adjustments.
Xia Bing, who sits at the central bank's monetary policy commission, wrote in a column for the China Business News Tuesday that China's current managed floating exchange rate system must be maintained, because it stabilizes the trade and backs up the economy strategically.
China's currency, the yuan or RMB, has strengthened against the U.S. dollar, the euro, the British pound and other major currencies, after the country's foreign trade volume increased to pre-crisis levels this year. It has gained more than 3 percent against the U.S. dollar since June.
Xia said that the yuan's exchange rate is now made floatable in tandem with daily variations of a basket of global currencies. He recommended the central bank revise the weighing of each currency, including the U.S. dollar, in accordance with global market performances. When time is ripe, he wrote, the "central exchange rate"will be supplanted by a genuinely market-regulated rate.
He also suggested the authorities gradually loosen control on capital account transactions to facilitate the yuan to be recognized and accepted as an independent global hard currency. However, Xiao did not reveal how many years the process of the yuan globalization would take.
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