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China central bank eyes freer yuan, policy flexibility
China will encourage the value of its yuan currency to be set by the market and step back from intervention "in an orderly manner", while keeping policy flexible to support credit growth in the face of volatile capital flows, the central bank said on Monday. Speaking days after China posted its biggest trade deficit in at least a decade, People's Bank of China (PBOC) Governor Zhou Xiaochuan Zhou said monetary policy moves would respond to liquidity conditions determined by the balance of payments, demand for yuan in markets and international capital flows. "The closer the yuan is to an equilibrium, the bigger role ... (full story)