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China PBOC: To Increase Flexibility Of Yuan Exchange Rate
Saturday, June 19, 2010
China PBOC: To Increase Flexibility Of Yuan Exchange Rate
| Respond to Editor | Print
By Aaron Back and J.R. Wu
Dow Jones Newswires
BEIJING -(Dow Jones)- China's central bank on Saturday said it will take additional steps to increase the flexibility of the yuan exchange rate, but didn't give further details. It reiterated several of its previous statements on the currency, also called the renminbi, including that it would maintain a managed float system for the currency referenced against a basket of currencies.
"It is necessary to take an additional step toward pushing forward the reform of the renminbi's exchange rate formation mechanism, and to strengthen the flexibility of the renminbi's exchange rate," the statement said, after noting that "the global economy is gradually recovering, the foundation of China's economic recovery is more consolidated, and economic activity is stabilizing."
The statement, posted on the People's Bank of China website, lists no specific steps that are to be taken, and it states that "currently there is no basis for big fluctuations or changes in the renminbi exchange rate."
http://www.foxbusiness.com/story/mar...le+Feedfetcher
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i like to see the word mechanism in this article...it dovetails nicely with the IQD...they use mechanism too.....Go RV
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