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| Banks exposed to greater credit risk over yuan revaluation |
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| www.chinaview.cn
2006-11-09 16:52:13
|
Special report: Yuan's exchange rate in
spotlight
BEIJING, Nov. 9 (Xinhua) -- China's banks will be
exposed to greater credit risk against the backdrop of the yuan's accelerating
appreciation, said Li Lihui, president of the Bank of China (BOC).
He said credit risks were increasing due to the
revaluation which would raise export costs and dampen competitiveness in the
international market, resulting in the failure of enterprises with low
profitability.
"Enterprises may fail to repay loans if they go
bankrupt," said Li.
The value of the yuan against the U.S. dollar hit a
new high Thursday, with the central parity rate at 7.8697 yuan to the dollar,
breaking the 7.87 mark.
Li said most of the commercial banks in China had
strengthened credit risk management. The analysis showed the country's
enterprises would grow sustainably despite greater exposure to foreign exchange
risks.
Related
story: RMB breaks 7.87 mark against U.S.
dollar
BEIJING, Nov. 9 (Xinhua) -- The value of the Renminbi
(RMB) yuan against the U.S. dollar hit a new high Thursday, with the central
parity rate at 7.8697 yuan to one dollar, breaking the 7.87 mark.
The market exchange rate of the RMB against the
dollar closed Wednesday at a record 7.8661. Full
story>>
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