Renminbi takes first step
FRONT PAGE NEWS
Frank Gong, JP Morgan's chief economist for China based in Hong Kong, said that the bank is looking for a total 7% appreciation in the Chinese currency unit versus the US dollar by the end of the year, and 15% by the end of 2006.
Deutsche Bank has put its 12-month RMB appreciation target to 7.7 per dollar – 5% more than Friday's 8.11. The German bank is predicting that after 24 months, the rate will be 7.3 per US dollar – an appreciation of just under 10%.
In what is viewed as the first small
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