China’s central bank is paying “intimate attention” to recent renminbi depreciation and will maintain its policy of letting market fundamentals guide the renminbi exchange rate, People’s Bank of China governor Yi Gang said on Tuesday.
“China implements . . . a managed floating exchange-rate mechanism based on market supply and demand, with adjustments made in reference to a basket of currencies,” Mr Yi said in an interview with the official China Securities Journal posted to the PBoC’s website.
“Years of practical experience prove that this mechanism is effective, and we must persist with it,” he said.
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