New RMB Exchange Rate Reform Must Obtain International Credibility

A long-term stable RMB exchange rate with a two-way volatility is conducive to maintaining the financial asset price, to preventing a large-scale capital outflow, to controlling foreign-debt risk, to reducing the cost and burden of debt financing and to stabilizing economic growth anticipation.

Zhang Monan, Researcher, China Int'l Economic Exchanges Center via CHINA US Focus http://ift.tt/1KcLHC8