China report sees yuan rising 2-8 percent/annually till 2010

03 Jul, 2006

The Chinese yuan will rise 2 to 8 percent annually in the next five years and the economy will score another double-digit growth in 2006, state media on Sunday cited a study as saying.
The yuan would appreciate continuously from 2006 to 2010, the Beijing News quoted the Renmin University report as saying.
"The annual rate will be 2 to 8 percent," the report said.
China revalued the yuan by 2.1 percent to 8.11 per dollar last July and abandoned a dollar peg to let it float within managed bands.
It has since strengthened a further 1.5 percent, far too little for critics in the United States who say it remains unfairly undervalued.
The report, released in April with little publicity, also forecast a 10 percent expansion for the Chinese economy in 2006, maintaining the growth rate of the past three years. First-quarter economic output was up 10.2 percent on a year earlier.

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