"From 1994 to 1997 the Renminbi real effective value witnessed an increase of about 30 percent," noted Zhou Xiaochuan, President of China's Central Bank at the "Sixth Lecture for Distinguished Personages" sponsored by Hong Kong Monetary Authority (HKMA).

"From 1994 to 1997 the Renminbi real effective value witnessed an increase of about 30 percent," noted Zhou Xiaochuan, President of China's Central Bank at the "Sixth Lecture for Distinguished Personages" sponsored by Hong Kong Monetary Authority (HKMA).

According to Zhou Xiaochuan, the Renminbi nominal exchange rate remained basically unchanged for certain periods. However, due to the inflation gap between China and other countries, the real effective exchange rate is on the changing, as shown by an approximate increase of 30 percent of its real effective value during 1994 to 1997 ......
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