Renminbi float will be monitored closely, Zeti

Central Banking staff
27 May 2004

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Malaysia will closely monitor the implications of a possible float in the now-pegged renminbi in the foreign exchange market and particularly the effects on the local economy.

"We will choose an option that is in Malaysia's best interest but our policy will always remain unchanged and that is to have an exchange rate system that promotes stability," Dr Zeti said when responding to a query as to whether Malaysia would move into a more flexible system if and when the Chinese currency was floated.

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