Tags: Japan | China | Currency | yuan

China Central Bank: Currency near Equilibrium

Sunday, 14 Oct 2012 04:04 PM

 

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink

China's central bank governor says the Chinese currency has reached its equilibrium rate and its value is mainly determined by the market, rather than intervention.

In a speech delivered by one of his deputies, Zhou Xiaochuan, governor of the People's Bank of China, said Sunday that the central bank has refrained from intervening in the market in the past year.

The U.S. has long urged China to lift controls on foreign exchange markets that Washington contends keep the Chinese yuan undervalued, making the country's exports relatively less expensive in overseas markets.

PBOC vice governor Yi Gang, who delivered the speech, said China knows that a fixed exchange rate is unsustainable and will continue with reforms.

He said China's main focus was on fighting inflation while supporting growth.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved