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No one-off moves on yuan, says China

Move in line with long-term fundamental interests


BEIJING: The People's Bank of China (PBOC) said on Sunday that it would not conduct a one-off revaluation of the RMB (yuan) exchange rate.

The statement came one day after the PBOC announced it would promote reform of the yuan exchange rate regime and increase its flexibility.

On Sunday, a statement posted on the bank's website said the PBOC would keep the yuan stable at a reasonable and balanced level.

The PBOC aimed to promote China's balance of international payments while safeguarding the stability of the nation's macro economy and financial markets, said the statement.

The move, it said, was in line with China's long-term fundamental interests, as it would advance the structural adjustments which would lead to a comprehensive, balanced and sustainable growth.

The floating currency exchange rate would help guide resources to the service industries, which would help upgrade the industry while reducing the nation's trade imbalance and its reliance on exports, said the statement.

The statement also said a flexible currency exchange rate regime will help curb inflation and asset bubbles and create a more favourable international development environment for China. Sunday's statement emphasised the yuan be pegged to a basket of currencies given its close ties with a number of trade partners, adding that the U.S. dollar should not be the only gauge for judging the RMB exchange rate. Trade between China and the European Union in the first five months of the year accounted for 16.3 per cent of China's total foreign trade volume, while the trade between the country and the United States, the Association of Southeast Asian Nations (ASEAN), and Japan accounted for 12.9 per cent, 10.1 per cent and 9.4 per cent respectively, according to the statement. — Xinhua

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