Date
18 October 2017

PBoC official sees RMB forex rate close to balanced, Xinhua says

The renminbi’s exchange rate is very close to a balanced level and appreciation has made imported goods cheaper and benefited the public, Xinhua reported Tuesday, citing Yi Gang, deputy governor of the People’s Bank of China. Yi said three steps need to be taken to create a market-based renminbi exchange rate system: faster moves to establish a trading market, expansion of the currency’s flexibility to float and stabilization of a balanced exchange rate, the report said.

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