China will press ahead with currency overhauls to allow more flexibility in the renminbi’s exchange rate, while maintaining a relatively steady value, a senior central bank official said Wednesday.
The comments from Yi Gang, who reiterated an assertion that the central bank — the People’s Bank of China — had reduced intervention in the foreign exchange market, emphasize the stability that Chinese policy makers want to ensure, even as they try to turn the renminbi into a more freely traded currency.
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Reuters via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/5mBTwUK-HVY/
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