Date
20 November 2017
Minister of Finance Lou Jiwei says China's economy is still not strong enough for Beijing to stop intervention in the yuan. Photo: AFP
Minister of Finance Lou Jiwei says China's economy is still not strong enough for Beijing to stop intervention in the yuan. Photo: AFP

China to keep hand on yuan tiller

China will continue intervening in the yuan while its economy remains weak and capital flows are not stable, Bloomberg reported Thursday, citing Finance Minister Lou Jiwei.

“The US side has repeatedly asked, in terms of exchange-rate policy, whether China needs to intervene anymore,” Lou said Wednesday in Beijing. “But for us, under the current situation, when the economy hasn’t recovered fully and when cross-border capital flows are not completely normal, we’ll continue [existing practices].”

Vice Premier Wang Yang said China risks “fundamental mistakes” if it moves too fast on exchange-rate reform and affecting the policy process if it moves too slowly, the report said.

– Contact us at [email protected]

SK

EJI Weekly Newsletter

Please click here to unsubscribe