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Rapid Yuan Gains Won’t Last, Ex-PBOC Official Tells Xinhua
A rapid appreciation of the yuan against the U.S. dollar probably won’t last, according to a former Chinese central bank official, calling the trade “overbought.” The rise in the yuan suggests short-term speculation, Sheng Songcheng, former director of the central bank’s statistics and analysis department, said in an interview with the official Xinhua News Agency. China should prevent huge short-term inflows, which could push up the exchange rate of the Chinese currency, hurt competitiveness of exporters and affect independent operations of China’s financial market and monetary policy, he said. With ... (full story)