The exchange rate of the Chinese yuan against the US dollar is now at an “appropriate level”, with cross-border capital flows having remained balanced since the currency weakened past seven to the dollar in early August, the head of China’s central bank said on Saturday. “Depreciation since the beginning of August has been driven and determined by market forces and reflects shifts in market dynamics,” and the currency had fluctuated in both directions, People’s Bank of China (PBOC) governor Yi Gang said in a statement to the International Monetary Fund’s annual meeting in Washington. The statement suggesting Beijing ... (full story)