China agrees to allow free yuan float 'eventually'

- Central Banking staff
- 04 Sep 2003

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China's central bank governor, Zhou Xiaochuan, struck a conciliatory tone with US treasury secretary John Snow on Wednesday 3 September. He promised that the value of the yuan would eventually be determined by market forces and also outlined a variety of measures that he said would "allow the market to play a bigger role" in China's financial system in the meantime.

Source: The New York Times

Treasury Secretary John Snow and his Chinese counterparts agreed yesterday that China eventually should

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