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"The sustained depreciation of Japanese yen exchange rate will cause currency devaluation in many countries in Asia," predicted Dai Xianglong, the president of the People's Bank of China (PBOC) recently.
According to him, the predicable depreciation of Japanese yen will put impact on RMB, the currency of China.
Anyhow, the PBOC will go great lengths to stabilize the exchange rate between RMB and US dollars, promised Dai.
He also revealed that the foreign exchange reserves of the PBOC will be raised from US$160 billion to US$200 billion in near term.
(People's Daily 04/06/2001)
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