Yuan Rate Adjustments Won't Resolve Huge Trade Gap With U.S., WSJ Reports

People’s Bank of China Deputy Governor Hu Xiaolian said changes in the Chinese currency’s exchange rate won’t resolve the nation’s huge trade imbalance with the U.S., the Wall Street Journal reported today.

China will continue to encourage use of the yuan by relaxing restrictions, Hu was cited by the newspaper as saying. The global economy was “slowly” recovering and it won’t evolve into a double-dip recession, Hu said, according to the report.

To contact the reporter on this story: Sophie Leung in Hong Kong at sleung59@bloomberg.net

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