China Official: No More Plans for Yuan

The central bank does not plan more abrupt changes in the yuan's value, a senior People's Bank of China official said, squelching speculation over further currency revaluations ahead of a meeting of top international finance officials later this week in China. But the yuan on Monday climbed to its highest level since its July 21 revaluation as the comments by Ma Delun, a deputy governor of the People's Bank of China, suggested authorities will let allow the yuan appreciate in the foreign exchange market. "Right now we often hear corporates and all sorts of people all asking when is the next time the foreign exchange rate will be adjusted again," Ma said, according to Monday's issue of China Business News. "I'd like to tell everyone, the next change in the (yuan exchange rate level) is happening everyday, every hour it is going on," Ma said in a speech given over the weekend at a conference in the southern city of Shenzhen. "The next adjustment will come in the foreign exchange market," Ma said. The yuan rose to 8.0954 to the dollar Monday, its highest close since July 21, when authorities revalued the currency at 8.11 yuan to the U.S. dollar, up about 2 percent from the previous rate of 8.27 yuan.