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China’s currency has reached its equilibrium rate and its value is mainly determined by the market, rather than intervention, Beijing’s central bank chief said Sunday, signaling there is little likelihood of major movement in the yuan’s value in the near future.
In a speech delivered by one of his deputies, Zhou Xiaochuan, governor of the People’s Bank of China, also warned that too much monetary easing by major economies puts inflationary pressure on China at a time when it is striving to boost growth while keeping prices under control.
Reuters
