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A central bank advisor says the yuan's decline is normal and part of its managed float movements. Xia Bin, advisor to the People's Bank of China, made the comments after the central bank set the yuan's mid-point at a seven week low against the greenback.
Thursday's levels suggest the yuan is giving back most of its gains, accumulated since the announcement on June 19th this year that the central bank would further reform the yuan exchange rate mechanism.
- Yuan slides most in 7 weeks 2010-08-13