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PBOC Says Market Forces, Policy Will Help Correct Any Yuan Moves
China will aim to keep the yuan exchange rate stable, and market and policy factors will help correct any short-term deviation from its equilibrium level, a senior central bank official said. The People’s Bank of China will allow market demand and supply to play the determining role in forming the exchange rate, Deputy Governor Liu Guoqiang said at a briefing in Beijing. There are many factors affecting the exchange rate, and two-way fluctuations are the norm, Liu said. He said at the briefing the PBOC won’t allow one-way moves in the exchange rate, although those comments were not included in a transcript of the ... (full story)