Recent Yuan Declines ‘Within Normal Range,’ China’s Lou Says
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Recent weakness in China’s currency is within the normal range and doesn’t signal a change in economic fundamentals, according to Finance Minister Lou Jiwei.
The offshore yuan fell 1 percent to 6.0933 per dollar in the five days through Feb. 21, a decline unseen since September 2011. A Chinese manufacturing index fell to the lowest level in seven months, according to a preliminary purchasing managers’ index released on Feb. 20. Economists predict gross domestic product will climb this year at the slowest pace since 1990.