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        Central bank denies revaluation in August
        (Agencies)
        Updated: 2005-07-16 09:32

        China's central bank denied it was planning to announce a revaluation of its currency after the Bush administration reportedly told key senators that it expects such a move in August.


        Chinese 100 yuan banknotes. China's central bank denied it was planning to announce a revaluation of its currency after the Bush administration reportedly told key senators that it expected such a move in August.[AFP]
        "There is no timetable," central bank spokesman Bai Li said, reiterating China's standard position on any change in its currency regime.

        The Financial Times Friday said the US government had told Senators Charles Schumer and Lindsey Graham, co-sponsors of a bill that would impose a 27.5 percent tariff on imports of Chinese goods in the absence of any forex change, that it expected a move next month.

        In June the senators had agreed to delay a vote on the bill after being assured Beijing would revalue the yuan during discussions with Treasury Secretary John Snow and Federal Reserve chairman Alan Greenspan.

        "Senator Graham and I believe that the administration is convinced that China will begin a revaluation process this summer, forced by our bill's success in the Senate," Schumer was quoted as saying.

        However, Treasury spokesman Tony Fratto said no assurance had been given on a specific timeframe.
        Page: 12



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