PBOC Chief Economist Says Yuan May Move in Both Directions
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The yuan will probably move in both directions in the future following last week’s devaluation as the economy stabilizes, according to Ma Jun, chief economist at China’s central bank.
A more market-oriented pricing mechanism for the yuan will help to avoid excessive deviation from the equilibrium level and significantly reduce the possibility of sudden fluctuations, Ma said in an e-mailed statement on Sunday. The economy will probably grow about 7 percent this year, he said.