China C.bank adviser says one-off yuan revaluation possible

by **Shirley** Wed Apr 20, 2011 8:48 am

China C.bank adviser says one-off yuan revaluation possible

Published: Tuesday, 19 Apr 2011 | 5:20 AM ET

BEIJING, April 19 (Reuters) - China could take steps to make the yuan more flexible and another one-off revaluation is also possible, Xia Bin, an academic adviser to the Chinese central bank, said on Tuesday, without mentioning a timeframe.

"We cannot rule out a one-off revaluation," Xia said in comments posted on a twitter-style service (t.sina.com.cn) run by news portal Sina.com. Xia could not be immediately reached to confirm the authenticity of the posted remarks, but a Sina.com official told Reuters the comments came from Xia. China should also widen the yuan's trading band against other currencies to make it more flexible, Xia added. The yuan may rise or fall 0.5 percent against the dollar from the mid-point each day. The government has repeatedly said it would not consider another one-off adjustment the yuan's value after the 2.1 percent landmark revaluation in July 2005.

(Reporting by Zhou Xin and Kevin Yao; Editing by Ken Wills)

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