Market decides exchange rate
Source: Xinhua |
March 7, 2013, Thursday
|
Print Edition
Print Edition
CHINA'S top foreign exchange regulator Yi Gang said yesterday that the yuan exchange rate had been decided by the market and required little intervention from monetary authorities.
The yuan's value has come very close to a balanced level and it will become more balanced, more flexible and remain basically stable this year, said Yi, head of the State Administration of Foreign Exchange.
Since China started reforming its exchange rate regime in 2005 to make its currency more flexible and market-oriented, the yuan has appreciated by more than 30 percent against the US dollar.
The yuan's value has come very close to a balanced level and it will become more balanced, more flexible and remain basically stable this year, said Yi, head of the State Administration of Foreign Exchange.
Since China started reforming its exchange rate regime in 2005 to make its currency more flexible and market-oriented, the yuan has appreciated by more than 30 percent against the US dollar.
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