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PBOC governor: Market should decide exchange-rate regime

05-04-2012 07:41 BJT Special Report:4th Round of China-US Strategic and Economic Dialogue |

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Chinese Central Bank Governor Zhou Xiaochuan expressed his concern over trade related issues, namely the issue of yuan appreciation and internationalization. Zhou says, the previous long-term trade surplus created a trend for the Yuan to appreciate, but now things have changed, as the financial crisis and sovereign debt turmoil have reshaped global markets.

Zhou said, "The Chinese Yuan has seen two way fluctuation against the U.S. dollar. We follow market theory and rules. Once the problem of imbalance emerges, the market will eliminate it. At the same time, China has already made great progress on interest rate marketization, but we need to keep the pace of reform gradual."

 

 

Editor:Zhang Rui |Source: CNTV.CN

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