Zhou Chengjun cited the fact the yuan has weakened past 7 per US dollar – previously seen as an important psychological threshold – in the past two years, and said it is one of the more volatile major currencies in the world. Photo: Reuters
China must give up control of yuan exchange rate to achieve internationalisation, central bank official says
- Zhou Chengjun, director of the People’s Bank of China’s (PBOC) Finance Research Institute, says the rate has to be determined by global market participants
- China’s central bank has already made it clear that it has stopped regular intervention and will let the market play a bigger role in deciding the exchange rate
Zhou Chengjun cited the fact the yuan has weakened past 7 per US dollar – previously seen as an important psychological threshold – in the past two years, and said it is one of the more volatile major currencies in the world. Photo: Reuters
