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China to keep yuan rate stable for six months

To deepen the reform of foreign exchange administrative system

BEIJING: China's central bank said on Tuesday it would continue to keep the exchange rate of Renminbi, the nation's currency, basically stable at a reasonable and balanced level in the second half of this year.

In a press release issued after a meeting by heads of the bank and its provincial branches, the bank said it was one of its major tasks in the six months to deepen the reform of its foreign exchange administrative system, and push forward the reform of RMB exchange rate mechanism and keep the RMB exchange rate basically stable at a reasonable and balanced level.

China must uphold the principles of independent initiative, controllability and gradual progress in pursuing the RMB exchange rate reform in accordance with its own needs, the bank said.

The European Union's decision to lift the anti-dumping duty rate on Chinese-made bicycles to 48.5 per cent will lead to the gradual decrease of China's bicycle export, Zhang Peisheng, Secretary General of the China Chamber of Commerce for the Import and Export of Machinery and Electronic Products, was quoted by the Beijing News on Tuesday as saying. — Xinhua

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