The Central Bank of China (PBOC) said today that the adjustment in the exchange rate of China’s currency, the yuan or renminbi, “basically completed” and will remain strong in the long term.
Zhang Xiaohui, governor assistant of the institution, told reporters at the first meeting with the media since last Tuesday, when inció adjustment, the value of the yuan has returned gradually to market levels .
The discrepancy between the central rate and the market, which was around three percent, was it corrected after adjustments made Tuesday through Thursday, he said.
The PBOC began this setting on Tuesday corrected 1.86 percent against the dollar, continued on Wednesday at 1.6 percent and Thursday at 1.11 percent.
The settings are given after the Tuesday institution launched a new formation mechanism of the exchange rate, which was designed to better reflect market behavior in the relationship renminbi-dollar.
Zhang added that now there is no space for depreciation persistent or substantial, said a dispatch from the Xinhua agency.
For his part, director of the State Administration of Exchange and Currency PBOC vice governor Yi Gang, denied that the Chinese government plan setting the yuan to 10 percent by year’s end to the decline in exports of China.
They are completely baseless report, said Yi, who said the PBOC will focus on improving the mechanism formation of the exchange rate.
Under a system of floating the exchange rate, the yuan’s value is determined by the market and the PBOC not intervene, he said.
The renminbi is officially quoted on Thursday at 6,401 per dollar, accumulated from Mars around 4.5 percent adjustment.
jram
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