China's Economy Doesn't Merit Persistently Weaker Yuan: PBOC
- China says equities correction has 'largely run its course'
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A top Chinese central banker said a “persistent" weakening of the yuan would be inconsistent with the fundamentals of the world’s second-biggest economy, and the country is committed to making its currency regime more flexible and market based.
“As wide-ranging structural reforms are being carried out, the Chinese economy will become more balanced and sustainable," People’s Bank of China Deputy Governor Yi Gang said Friday in a statement at the International Monetary Fund annual meetings in Lima. Reforms to make the yuan more market-determined will make its exchange rate more flexible, “floating around the equilibrium level in both directions."